Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by US Bancorp DE

US Bancorp DE lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 220,867 shares of the software maker’s stock after selling 6,454 shares during the period. US Bancorp DE’s holdings in Fortinet were worth $17,128,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Eastern Bank acquired a new stake in shares of Fortinet in the third quarter worth approximately $25,000. Winthrop Capital Management LLC acquired a new stake in Fortinet during the 1st quarter worth $25,000. City State Bank grew its holdings 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 buying an additional 450 shares in the last quarter. Oakworth Capital Inc. acquired a new stake in shares of Fortinet in the second quarter valued at about $33,000. Finally, Paladin Wealth LLC purchased a new position in shares of Fortinet in the third quarter worth about $46,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

FTNT stock opened at $78.80 on Friday. The business’s 50-day moving average is $78.06 and its two-hundred day moving average is $67.48. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The firm has a market capitalization of $60.27 billion, a P/E ratio of 46.63, a P/E/G ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $83.77.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the company earned $0.31 earnings per share. The firm’s revenue was up 10.9% compared to the same quarter last year. Analysts anticipate that Fortinet, Inc. will post 1.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders sold 70,538 shares of company stock worth $5,403,559. Corporate insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the subject of a number of recent research reports. Wells Fargo & Company increased their price objective on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Cantor Fitzgerald lifted their price objective on Fortinet from $65.00 to $88.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 29th. Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a report on Thursday, October 17th. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Finally, Piper Sandler raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $74.68.

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.