Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by OLD National Bancorp IN

OLD National Bancorp IN boosted its position in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 47.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 198,677 shares of the software maker’s stock after acquiring an additional 64,017 shares during the period. OLD National Bancorp IN’s holdings in Fortinet were worth $18,771,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FTNT. Public Sector Pension Investment Board raised its stake in Fortinet by 82.1% during the second quarter. Public Sector Pension Investment Board now owns 22,460 shares of the software maker’s stock worth $1,354,000 after purchasing an additional 10,125 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in shares of Fortinet in the 2nd quarter worth $1,314,000. Algert Global LLC acquired a new position in Fortinet in the second quarter valued at $502,000. Creative Planning grew its position in Fortinet by 6.8% during the second quarter. Creative Planning now owns 163,367 shares of the software maker’s stock valued at $9,846,000 after acquiring an additional 10,365 shares during the period. Finally, Truist Financial Corp increased its stake in Fortinet by 5.1% during the second quarter. Truist Financial Corp now owns 45,875 shares of the software maker’s stock worth $2,765,000 after acquiring an additional 2,227 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FTNT. The Goldman Sachs Group lifted their price objective on Fortinet from $100.00 to $114.00 and gave the company a “buy” rating in a research note on Thursday, January 2nd. KeyCorp upgraded Fortinet from a “sector weight” rating to an “overweight” rating and set a $115.00 price target for the company in a report on Thursday, December 19th. Scotiabank boosted their price objective on shares of Fortinet from $110.00 to $115.00 and gave the stock a “sector outperform” rating in a report on Tuesday, January 21st. Raymond James restated a “market perform” rating on shares of Fortinet in a research note on Tuesday, January 14th. Finally, Piper Sandler raised Fortinet from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $100.00 to $120.00 in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $96.83.

Get Our Latest Analysis on FTNT

Fortinet Price Performance

Shares of FTNT opened at $99.33 on Thursday. The firm has a market capitalization of $76.13 billion, a price-to-earnings ratio of 50.17, a price-to-earnings-growth ratio of 2.58 and a beta of 1.00. The stock’s fifty day moving average is $96.12 and its 200-day moving average is $82.56. Fortinet, Inc. has a one year low of $54.57 and a one year high of $101.00. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.34.

Fortinet (NASDAQ:FTNTGet Free Report) last released its earnings results on Thursday, November 7th. The software maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.43 by $0.13. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.48 billion. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. During the same quarter last year, the company earned $0.35 EPS. Equities analysts anticipate that Fortinet, Inc. will post 1.95 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom purchased 355 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were purchased at an average price of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the transaction, the director now owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,044 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $93.32, for a total value of $2,150,466.08. Following the sale, the chief executive officer now owns 49,039,698 shares of the company’s stock, valued at $4,576,384,617.36. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,860 shares of company stock worth $6,469,056 over the last ninety days. Company insiders own 18.00% of the company’s stock.

About Fortinet

(Free Report)

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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