William H. Neukom Acquires 335 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT - Get Free Report) Director William H. Neukom purchased 335 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The stock was bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the purchase, the director now directly owns 301,471 shares in the company, valued at $31,419,307.62. This represents a 0.11% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Fortinet Trading Up 1.4%

Shares of NASDAQ FTNT traded up $1.44 during midday trading on Friday, reaching $104.94. The stock had a trading volume of 3,296,603 shares, compared to its average volume of 4,974,808. The firm has a market cap of $80.32 billion, a price-to-earnings ratio of 46.43, a price-to-earnings-growth ratio of 4.19 and a beta of 1.06. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company's 50 day moving average price is $100.02 and its 200 day moving average price is $99.69.

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FTNT shares. Scotiabank decreased their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a research report on Thursday, May 8th. Wall Street Zen raised shares of Fortinet from a "hold" rating to a "buy" rating in a report on Tuesday, May 20th. Susquehanna upped their price target on shares of Fortinet from $90.00 to $110.00 and gave the company a "neutral" rating in a report on Monday, February 10th. Guggenheim reissued a "neutral" rating on shares of Fortinet in a research note on Friday, February 7th. Finally, Robert W. Baird upped their price objective on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of "Hold" and a consensus target price of $104.80.

Institutional Trading of Fortinet

A number of hedge funds and other institutional investors have recently bought and sold shares of FTNT. Norges Bank purchased a new stake in shares of Fortinet in the 4th quarter valued at $724,048,000. Schroder Investment Management Group purchased a new position in shares of Fortinet in the fourth quarter worth approximately $389,867,000. Vanguard Group Inc. raised its stake in Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock worth $6,898,223,000 after acquiring an additional 3,546,934 shares during the period. FMR LLC grew its position in shares of Fortinet by 77.2% during the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after purchasing an additional 2,846,475 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker's stock worth $720,150,000 after purchasing an additional 2,151,811 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

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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