Neuberger Berman Group LLC Invests $440,000 in Fortinet, Inc. (NASDAQ:FTNT)

Neuberger Berman Group LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 3,168 shares of the software maker’s stock, valued at approximately $440,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in Fortinet by 1,471.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,640,134 shares of the software maker’s stock worth $1,777,834,000 after buying an additional 9,026,701 shares during the period. Bank of New York Mellon Corp increased its stake in Fortinet by 8.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,864,862 shares of the software maker’s stock worth $1,158,762,000 after buying an additional 397,579 shares during the period. Bank of Montreal Can increased its stake in Fortinet by 28.6% in the 2nd quarter. Bank of Montreal Can now owns 1,083,992 shares of the software maker’s stock worth $263,886,000 after buying an additional 241,283 shares during the period. TD Asset Management Inc. increased its stake in Fortinet by 54.8% in the 1st quarter. TD Asset Management Inc. now owns 521,784 shares of the software maker’s stock worth $96,228,000 after buying an additional 184,810 shares during the period. Finally, Bessemer Group Inc. increased its position in Fortinet by 43.4% during the 2nd quarter. Bessemer Group Inc. now owns 573,509 shares of the software maker’s stock valued at $136,604,000 after purchasing an additional 173,533 shares during the period. Hedge funds and other institutional investors own 68.50% of the company’s stock.

In other news, VP John Whittle sold 2,410 shares of Fortinet stock in a transaction that occurred on Thursday, October 21st. The shares were sold at an average price of $331.47, for a total transaction of $798,842.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 2,088 shares of the business’s stock in a transaction on Monday, August 2nd. The stock was sold at an average price of $281.20, for a total transaction of $587,145.60. Following the completion of the sale, the vice president now directly owns 1,095 shares of the company’s stock, valued at approximately $307,914. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,901 shares of company stock valued at $16,572,980. Insiders own 18.60% of the company’s stock.

A number of research firms have commented on FTNT. Mizuho raised their target price on shares of Fortinet from $290.00 to $310.00 and gave the company a “neutral” rating in a research report on Monday, October 18th. Piper Sandler raised their price target on shares of Fortinet from $205.00 to $265.00 and gave the company a “neutral” rating in a report on Friday, July 9th. BMO Capital Markets raised their price target on shares of Fortinet from $300.00 to $335.00 and gave the company a “market perform” rating in a report on Thursday, September 16th. Morgan Stanley raised their price target on shares of Fortinet from $230.00 to $295.00 and gave the company an “equal weight” rating in a report on Tuesday, October 12th. Finally, BTIG Research raised their price target on shares of Fortinet from $305.00 to $345.00 and gave the company a “buy” rating in a report on Friday, August 13th. They noted that the move was a valuation call. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $261.92.

Shares of NASDAQ FTNT opened at $320.61 on Thursday. The company has a current ratio of 1.96, a quick ratio of 1.88 and a debt-to-equity ratio of 0.94. Fortinet, Inc. has a 12 month low of $106.75 and a 12 month high of $345.25. The company has a 50 day simple moving average of $305.18 and a two-hundred day simple moving average of $257.18. The stock has a market cap of $52.36 billion, a price-to-earnings ratio of 103.42, a PEG ratio of 7.68 and a beta of 1.12.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, July 29th. The software maker reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.07. The firm had revenue of $801.10 million during the quarter, compared to analyst estimates of $741.76 million. Fortinet had a net margin of 17.69% and a return on equity of 49.90%. During the same period in the previous year, the firm earned $0.82 EPS. Analysts forecast that Fortinet, Inc. will post 2.84 EPS for the current year.

About Fortinet

Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.

Further Reading: Understanding dividend yield and dividend payout ratio

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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