Nachman Norwood & Parrott Inc purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 378 shares of the software maker’s stock, valued at approximately $45,000.
Other institutional investors have also recently modified their holdings of the company. Verus Capital Partners LLC bought a new stake in shares of Fortinet in the first quarter valued at about $31,000. Bartlett & Co. LLC bought a new stake in shares of Fortinet in the second quarter valued at about $41,000. Private Capital Group LLC raised its holdings in Fortinet by 171.2% during the second quarter. Private Capital Group LLC now owns 301 shares of the software maker’s stock worth $41,000 after acquiring an additional 190 shares in the last quarter. Jaffetilchin Investment Partners LLC bought a new stake in Fortinet during the second quarter worth about $44,000. Finally, Farmers & Merchants Investments Inc. raised its holdings in Fortinet by 34.5% during the second quarter. Farmers & Merchants Investments Inc. now owns 335 shares of the software maker’s stock worth $46,000 after acquiring an additional 86 shares in the last quarter. Institutional investors own 68.37% of the company’s stock.
Several analysts recently issued reports on FTNT shares. OTR Global lowered Fortinet to a “positive” rating in a report on Wednesday, July 15th. JPMorgan Chase & Co. lowered Fortinet from an “overweight” rating to a “neutral” rating and set a $135.00 target price on the stock. in a report on Tuesday, July 7th. UBS Group upped their target price on Fortinet from $134.00 to $140.00 in a report on Wednesday, August 26th. Mizuho upped their target price on Fortinet from $123.00 to $130.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft started coverage on Fortinet in a research note on Thursday, August 20th. They issued a “hold” rating and a $131.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and twelve have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $130.62.
In related news, Director Christopher B. Paisley sold 750 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $133.83, for a total transaction of $100,372.50. Following the sale, the director now owns 75,479 shares of the company’s stock, valued at $10,101,354.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP John Whittle sold 2,541 shares of the stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $117.24, for a total value of $297,906.84. Following the sale, the vice president now directly owns 3,715 shares in the company, valued at approximately $435,546.60. The disclosure for this sale can be found here. Insiders have sold 53,351 shares of company stock worth $6,979,883 in the last three months. 17.20% of the stock is currently owned by company insiders.
Shares of NASDAQ:FTNT opened at $131.54 on Friday. The company has a market capitalization of $21.29 billion, a P/E ratio of 54.81, a P/E/G ratio of 4.24 and a beta of 0.89. Fortinet, Inc. has a 1 year low of $70.20 and a 1 year high of $151.95. The business’s 50 day simple moving average is $120.90 and its 200 day simple moving average is $126.47.
Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, August 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.17. The business had revenue of $615.50 million for the quarter, compared to the consensus estimate of $599.20 million. Fortinet had a return on equity of 40.58% and a net margin of 17.46%. The firm’s quarterly revenue was up 18.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.58 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 2.17 EPS for the current fiscal year.
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network (WAN) acceleration.
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