Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Greenfield Savings Bank

Greenfield Savings Bank lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 5.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,598 shares of the software maker’s stock after selling 963 shares during the period. Greenfield Savings Bank’s holdings in Fortinet were worth $1,210,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Sanibel Captiva Trust Company Inc. acquired a new position in Fortinet during the 4th quarter worth approximately $10,394,000. Advanced Portfolio Management LLC acquired a new position in Fortinet during the 4th quarter worth approximately $1,537,000. GAMMA Investing LLC increased its position in Fortinet by 26.9% during the 1st quarter. GAMMA Investing LLC now owns 10,001 shares of the software maker’s stock worth $683,000 after purchasing an additional 2,118 shares during the period. Sarasin & Partners LLP increased its position in Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares during the period. Finally, Banque Cantonale Vaudoise grew its holdings in shares of Fortinet by 71.1% in the 1st quarter. Banque Cantonale Vaudoise now owns 72,384 shares of the software maker’s stock worth $4,945,000 after acquiring an additional 30,084 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 96,210 shares of company stock worth $6,337,801 over the last quarter. 18.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of research reports. Morgan Stanley lowered their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research note on Thursday, August 8th. Scotiabank upped their target price on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, August 7th. Barclays upped their target price on Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, Wedbush reaffirmed an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a research note on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $72.11.

Fortinet Trading Down 0.7 %

Shares of NASDAQ FTNT opened at $77.48 on Tuesday. The stock’s 50 day moving average price is $73.09 and its two-hundred day moving average price is $65.79. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $79.08. The stock has a market capitalization of $59.19 billion, a P/E ratio of 50.64, a PEG ratio of 2.77 and a beta of 1.00. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the prior year, the firm posted $0.31 earnings per share. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, analysts anticipate that Fortinet, Inc. will post 1.72 earnings per share for the current fiscal year.

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.