Exchange Traded Concepts LLC Buys 14,877 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Exchange Traded Concepts LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 373.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 18,866 shares of the software maker’s stock after acquiring an additional 14,877 shares during the period. Exchange Traded Concepts LLC’s holdings in Fortinet were worth $1,463,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Winthrop Capital Management LLC acquired a new position in Fortinet during the first quarter worth $25,000. Rise Advisors LLC increased its position in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares in the last quarter. Creekmur Asset Management LLC bought a new position in Fortinet during the 4th quarter valued at about $32,000. Oakworth Capital Inc. acquired a new position in Fortinet in the second quarter valued at about $33,000. Finally, Versant Capital Management Inc grew its stake in Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after buying an additional 238 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 71,943 shares of company stock worth $4,881,539 over the last ninety days. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Down 0.2 %

NASDAQ:FTNT opened at $82.64 on Wednesday. The stock has a market cap of $63.13 billion, a price-to-earnings ratio of 54.01, a PEG ratio of 2.84 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The stock has a 50-day moving average price of $76.06 and a two-hundred day moving average price of $66.36. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $83.77.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 prior year, the business earned $0.31 EPS. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. As a group, equities analysts expect that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Morgan Stanley reduced their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Rosenblatt Securities decreased their target price on Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Citigroup lifted their price target on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Cantor Fitzgerald upped their price target on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $72.64.

About Fortinet

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.