Blue Trust Inc. Has $1.10 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Blue Trust Inc. boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 62.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,123 shares of the software maker’s stock after purchasing an additional 5,451 shares during the quarter. Blue Trust Inc.’s holdings in Fortinet were worth $1,095,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of FTNT. Dixon Mitchell Investment Counsel Inc. acquired a new stake in shares of Fortinet in the 3rd quarter valued at about $10,117,000. Accurate Wealth Management LLC grew its stake in shares of Fortinet by 15.1% in the 3rd quarter. Accurate Wealth Management LLC now owns 11,820 shares of the software maker’s stock valued at $977,000 after buying an additional 1,551 shares during the period. Net Worth Advisory Group acquired a new stake in shares of Fortinet in the 3rd quarter valued at about $660,000. Stratos Wealth Advisors LLC grew its stake in shares of Fortinet by 15.7% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 23,880 shares of the software maker’s stock valued at $1,852,000 after buying an additional 3,233 shares during the period. Finally, Trust Point Inc. acquired a new stake in shares of Fortinet in the 3rd quarter valued at about $220,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently commented on FTNT. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. Citigroup raised their target price on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. TD Cowen lifted their price target on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Hsbc Global Res upgraded Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, Rosenblatt Securities cut their price target on Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $72.71.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,250 shares of company stock valued at $6,790,149 in the last 90 days. 18.00% of the stock is currently owned by company insiders.

Fortinet Trading Up 0.3 %

NASDAQ:FTNT opened at $81.07 on Monday. The firm’s 50 day moving average is $76.78 and its 200 day moving average is $66.65. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $83.77. The stock has a market capitalization of $61.93 billion, a PE ratio of 52.99, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the firm posted $0.31 EPS. The business’s revenue for the quarter was up 10.9% compared to the same quarter last year. Sell-side analysts expect that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Fortinet 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.