Captrust Financial Advisors Increases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Captrust Financial Advisors grew its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 15.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,759 shares of the software maker's stock after buying an additional 7,663 shares during the period. Captrust Financial Advisors' holdings in Fortinet were worth $5,457,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new position in Fortinet in the fourth quarter valued at $724,048,000. Schroder Investment Management Group bought a new position in shares of Fortinet during the 4th quarter valued at about $389,867,000. FMR LLC raised its holdings in shares of Fortinet by 77.2% during the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after buying an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Fortinet by 39.3% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after buying an additional 2,151,811 shares during the last quarter. Finally, Bessemer Group Inc. boosted its stake in Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock worth $463,561,000 after buying an additional 2,064,016 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 23,500 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now owns 4,736 shares in the company, valued at approximately $537,820.16. This represents a 83.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the sale, the vice president now directly owns 11,000,068 shares of the company's stock, valued at $1,167,217,215.48. This trade represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 738,978 shares of company stock worth $74,135,907 in the last quarter. Corporate insiders own 17.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FTNT. Roth Capital set a $103.00 price objective on shares of Fortinet and gave the stock a "neutral" rating in a report on Tuesday, April 22nd. Piper Sandler reissued an "overweight" rating and issued a $135.00 price target (up from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Susquehanna lifted their price objective on Fortinet from $90.00 to $110.00 and gave the stock a "neutral" rating in a report on Monday, February 10th. DZ Bank cut Fortinet from a "hold" rating to a "sell" rating and set a $95.00 target price for the company. in a report on Tuesday. Finally, Cantor Fitzgerald decreased their price target on Fortinet from $115.00 to $100.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $104.80.

Fortinet Price Performance

Shares of FTNT opened at $97.42 on Friday. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The firm's 50-day simple moving average is $98.26 and its two-hundred day simple moving average is $97.36. The stock has a market cap of $74.50 billion, a PE ratio of 43.11, a price-to-earnings-growth ratio of 4.19 and a beta of 1.16. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the company earned $0.43 EPS. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. Analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

About Fortinet

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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