OLD National Bancorp IN Purchases 11,919 Shares of Fortinet, Inc. $FTNT

Key Points

• OLD National Bancorp IN increased its stake in Fortinet, Inc. by 6.0%, acquiring an additional 11,919 shares during the second quarter, bringing its total holdings to 210,554 shares valued at $22.26 million.
• Several other institutional investors have ramped up their investments in Fortinet, with ownership now at 83.71% by institutional entities.
• Fortinet reported earnings of $0.64 per share for the last quarter, surpassing expectations, with revenue of $1.63 billion, an increase of 13.6% year-over-year.

OLD National Bancorp IN increased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 210,554 shares of the software maker's stock after acquiring an additional 11,919 shares during the quarter. OLD National Bancorp IN's holdings in Fortinet were worth $22,260,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of FTNT. SJS Investment Consulting Inc. raised its holdings in Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after acquiring an additional 225 shares during the period. Saudi Central Bank bought a new position in Fortinet in the 1st quarter worth $25,000. Clearstead Trust LLC bought a new position in shares of Fortinet during the 1st quarter worth about $28,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock worth $29,000 after purchasing an additional 284 shares during the period. Finally, ORG Partners LLC increased its holdings in shares of Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after purchasing an additional 112 shares during the period. Institutional investors own 83.71% of the company's stock.

Insider Buying and Selling

In related news, CEO Ken Xie sold 158,486 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Wells Fargo & Company dropped their price objective on shares of Fortinet from $110.00 to $85.00 and set an "equal weight" rating on the stock in a report on Thursday, August 7th. TD Cowen restated a "hold" rating and set a $105.00 price objective on shares of Fortinet in a report on Thursday, August 7th. Evercore ISI dropped their price objective on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating on the stock in a report on Friday, August 8th. Scotiabank dropped their price objective on shares of Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 7th. Finally, Cowen downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of "Hold" and an average target price of $97.03.

Fortinet Price Performance

Shares of FTNT stock opened at $85.79 on Friday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The firm's 50 day moving average is $83.35 and its 200-day moving average is $95.06. The firm has a market capitalization of $65.74 billion, a price-to-earnings ratio of 34.18, a PEG ratio of 3.24 and a beta of 1.09. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the business earned $0.57 earnings per share. Fortinet's quarterly revenue was up 13.6% on a year-over-year basis. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet Company Profile

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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