Stephens Inc. AR Has $838,000 Stake in Fortinet, Inc. (NASDAQ:FTNT)

Stephens Inc. AR increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 84.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 10,811 shares of the software maker’s stock after acquiring an additional 4,941 shares during the quarter. Stephens Inc. AR’s holdings in Fortinet were worth $838,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. FORA Capital LLC acquired a new stake in shares of Fortinet in the 1st quarter valued at $314,000. Central Pacific Bank Trust Division acquired a new stake in Fortinet in the first quarter worth about $190,000. GSA Capital Partners LLP bought a new stake in Fortinet during the 1st quarter worth about $569,000. Signaturefd LLC lifted its position in Fortinet by 42.0% during the 1st quarter. Signaturefd LLC now owns 15,084 shares of the software maker’s stock valued at $1,030,000 after purchasing an additional 4,461 shares during the period. Finally, Valley Wealth Managers Inc. boosted its stake in shares of Fortinet by 18.5% in the 1st quarter. Valley Wealth Managers Inc. now owns 5,589 shares of the software maker’s stock valued at $382,000 after purchasing an additional 871 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 70,538 shares of company stock worth $5,403,559 over the last quarter. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Down 1.2 %

FTNT stock opened at $77.92 on Wednesday. The company has a market cap of $59.60 billion, a price-to-earnings ratio of 46.37, a P/E/G ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $47.66 and a twelve month high of $83.77. The business has a 50 day moving average price of $78.14 and a two-hundred day moving average price of $67.62. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last released 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 business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period last year, the business earned $0.31 earnings per share. The firm’s revenue was up 10.9% on a year-over-year basis. Analysts anticipate that Fortinet, Inc. will post 1.75 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. 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. TD Cowen raised their price target on Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. UBS Group lifted their price objective on Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Scotiabank increased their target price on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, August 7th. Finally, Robert W. Baird boosted their target price on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $74.68.

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.