Ballentine Partners LLC Grows Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Ballentine Partners LLC lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 8.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 7,550 shares of the software maker’s stock after purchasing an additional 563 shares during the quarter. Ballentine Partners LLC’s holdings in Fortinet were worth $586,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of FTNT. Winthrop Capital Management LLC acquired a new position in shares of Fortinet during the 1st quarter worth approximately $25,000. Eastern Bank acquired a new position in Fortinet during the third quarter worth $25,000. Oakworth Capital Inc. purchased a new position in Fortinet during the second quarter valued at $33,000. Versant Capital Management Inc grew its position in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after purchasing an additional 238 shares during the period. Finally, City State Bank increased its stake in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Wedbush reaffirmed an “outperform” rating and issued a $78.00 price target on shares of Fortinet in a research note on Wednesday, August 7th. UBS Group raised their target price on Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Rosenblatt Securities decreased their price objective on Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Finally, Hsbc Global Res raised shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $73.25.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were 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 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,307 shares of the stock in a transaction on Wednesday, October 16th. The shares were 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 $4,005,692,751.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 95,250 shares of company stock valued at $6,790,149. Insiders own 18.00% of the company’s stock.

Fortinet Trading Down 0.3 %

NASDAQ:FTNT opened at $80.34 on Monday. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $83.77. The firm has a market cap of $61.45 billion, a PE ratio of 47.54, a price-to-earnings-growth ratio of 2.92 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The stock has a fifty day moving average price of $77.64 and a 200 day moving average price of $67.04.

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