NorthRock Partners LLC Purchases New Position in Fortinet, Inc. (NASDAQ:FTNT)

NorthRock Partners LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 2,737 shares of the software maker’s stock, valued at approximately $212,000.

Other large investors have also added to or reduced their stakes in the company. Eastern Bank bought a new position in Fortinet in the 3rd quarter valued at about $25,000. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet during the first quarter valued at approximately $25,000. Private Wealth Management Group LLC lifted its holdings in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after acquiring an additional 173 shares during the period. City State Bank boosted its position in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Oakworth Capital Inc. bought a new position in Fortinet in the 2nd quarter valued at $33,000. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 70,538 shares of company stock worth $5,403,559 over the last ninety days. 18.00% of the stock is owned by corporate insiders.

Fortinet Price Performance

Fortinet stock opened at $80.87 on Thursday. Fortinet, Inc. has a 52 week low of $47.66 and a 52 week high of $83.77. The business has a 50-day simple moving average of $78.18 and a 200 day simple moving average of $67.73. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The stock has a market cap of $61.86 billion, a price-to-earnings ratio of 47.85, a PEG ratio of 2.78 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the business earned $0.31 earnings per share. The firm’s revenue was up 10.9% on a year-over-year basis. On average, research analysts forecast that Fortinet, Inc. will post 1.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FTNT. Truist Financial boosted their price target on shares of Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. TD Cowen boosted their target price on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Citigroup raised their price target on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, September 13th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a report on Thursday, August 8th. Finally, Royal Bank of Canada boosted their target price on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $74.68.

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.