Texas Bank & Trust Co Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Texas Bank & Trust Co acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,000 shares of the software maker's stock, valued at approximately $378,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of Fortinet in the 4th quarter valued at approximately $27,000. Oarsman Capital Inc. grew its position in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after acquiring an additional 272 shares during the period. Graney & King LLC purchased a new stake in Fortinet in the 4th quarter valued at about $43,000. Banque Transatlantique SA purchased a new position in shares of Fortinet during the 4th quarter worth approximately $43,000. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Up 0.8%

Shares of NASDAQ FTNT traded up $0.78 on Thursday, reaching $103.62. 3,652,798 shares of the company traded hands, compared to its average volume of 4,962,726. The company has a 50 day moving average of $99.03 and a 200 day moving average of $98.68. The company has a current ratio of 1.47, a quick ratio of 1.39 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a fifty-two week low of $54.57 and a fifty-two week high of $114.82. The stock has a market capitalization of $79.31 billion, a PE ratio of 45.85, a P/E/G ratio of 4.19 and a beta of 1.16.

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

Insider Buying and Selling

In related news, CFO Keith Jensen sold 17,660 shares of the firm's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $109.18, for a total transaction of $1,928,118.80. Following the completion of the sale, the chief financial officer now directly owns 4,736 shares of the company's stock, valued at approximately $517,076.48. This trade represents a 78.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 326,784 shares of the business's stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $98.17, for a total value of $32,080,385.28. Following the completion of the transaction, the vice president now owns 11,000,068 shares in the company, valued at approximately $1,079,876,675.56. This trade represents a 2.89% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 715,478 shares of company stock valued at $71,467,247. Company insiders own 17.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on FTNT shares. Roth Capital set a $103.00 target price on shares of Fortinet and gave the stock a "neutral" rating in a report on Tuesday, April 22nd. Stifel Nicolaus cut their target price on Fortinet from $115.00 to $95.00 and set a "hold" rating on the stock in a research report on Thursday, May 8th. Piper Sandler reiterated an "overweight" rating and set a $135.00 price target (up previously from $120.00) on shares of Fortinet in a research note on Friday, February 7th. Stephens began coverage on Fortinet in a research note on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 target price on the stock. Finally, Wolfe Research began coverage on shares of Fortinet in a research note on Monday, May 12th. They set a "peer perform" rating on the stock. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Fortinet presently has an average rating of "Hold" and an average price target of $104.80.

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.