William H. Neukom Acquires 335 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock

Fortinet, Inc. (NASDAQ:FTNT) Director William H. Neukom purchased 335 shares of the business’s stock in a transaction dated Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director now owns 301,471 shares of the company’s stock, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Fortinet Stock Up 1.4%

Shares of NASDAQ:FTNT opened at $104.94 on Friday. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The company has a market capitalization of $80.32 billion, a PE ratio of 46.43, a PEG ratio of 4.19 and a beta of 1.06. The company has a 50 day moving average price of $100.18 and a two-hundred day moving average price of $99.84.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the firm earned $0.43 earnings per share. The business’s quarterly revenue was up 13.8% on a year-over-year basis. Analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Institutional Investors Weigh In On Fortinet

Several large investors have recently made changes to their positions in the stock. First Hawaiian Bank increased its position in shares of Fortinet by 24.1% during the first quarter. First Hawaiian Bank now owns 8,805 shares of the software maker’s stock worth $848,000 after acquiring an additional 1,709 shares in the last quarter. Inspire Investing LLC boosted its holdings in Fortinet by 11.7% during the first quarter. Inspire Investing LLC now owns 79,129 shares of the software maker’s stock worth $7,617,000 after purchasing an additional 8,292 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in Fortinet by 24.4% during the first quarter. Jones Financial Companies Lllp now owns 461,523 shares of the software maker’s stock worth $44,552,000 after purchasing an additional 90,456 shares during the last quarter. Strs Ohio acquired a new position in Fortinet during the first quarter worth $14,627,000. Finally, Ellsworth Advisors LLC acquired a new position in Fortinet during the first quarter worth $4,804,000. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. KeyCorp cut their price target on Fortinet from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Royal Bank of Canada cut their price target on Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a report on Thursday, May 8th. Stifel Nicolaus cut their price target on Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a report on Thursday, May 8th. Morgan Stanley cut their price target on Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Finally, Scotiabank lowered their price objective on shares of Fortinet from $135.00 to $115.00 and set a “sector outperform” rating on the stock in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $104.80.

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.