Horizon Bancorp Inc. IN Makes New $264,000 Investment in Fortinet, Inc. $FTNT

Horizon Bancorp Inc. IN bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 2,500 shares of the software maker’s stock, valued at approximately $264,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FTNT. Brighton Jones LLC boosted its position in Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after purchasing an additional 221 shares during the period. Bison Wealth LLC acquired a new position in Fortinet during the 4th quarter valued at approximately $585,000. Farther Finance Advisors LLC boosted its position in Fortinet by 7.4% during the 1st quarter. Farther Finance Advisors LLC now owns 18,261 shares of the software maker’s stock valued at $1,765,000 after purchasing an additional 1,257 shares during the period. GAMMA Investing LLC boosted its position in Fortinet by 18.9% during the 1st quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker’s stock valued at $1,928,000 after purchasing an additional 3,189 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in Fortinet by 4.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 17,739 shares of the software maker’s stock valued at $1,708,000 after purchasing an additional 677 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FTNT. DZ Bank upgraded Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a research report on Friday, August 8th. Stifel Nicolaus reduced their price objective on Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a research report on Thursday, August 7th. JPMorgan Chase & Co. lowered their target price on Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Morgan Stanley restated an “underweight” rating and issued a $67.00 target price (down from $78.00) on shares of Fortinet in a research report on Tuesday, September 2nd. Finally, Cowen cut Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average target price of $97.03.

Fortinet Stock Down 0.3%

Shares of FTNT stock opened at $86.19 on Friday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The stock has a market cap of $66.04 billion, a PE ratio of 34.34, a price-to-earnings-growth ratio of 3.26 and a beta of 1.09. The business’s fifty day moving average is $82.01 and its 200-day moving average is $94.73. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period last year, the firm earned $0.57 EPS. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. Equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

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.