Wedmont Private Capital Acquires 1,045 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Wedmont Private Capital grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 24.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,407 shares of the software maker’s stock after buying an additional 1,045 shares during the quarter. Wedmont Private Capital’s holdings in Fortinet were worth $419,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of FTNT. V Square Quantitative Management LLC lifted its position in shares of Fortinet by 332.2% during the 4th quarter. V Square Quantitative Management LLC now owns 12,049 shares of the software maker’s stock worth $705,000 after buying an additional 9,261 shares in the last quarter. Syon Capital LLC lifted its position in shares of Fortinet by 17.5% during the 4th quarter. Syon Capital LLC now owns 5,100 shares of the software maker’s stock worth $299,000 after buying an additional 758 shares in the last quarter. EP Wealth Advisors LLC bought a new position in shares of Fortinet during the 4th quarter worth approximately $247,000. Creekmur Asset Management LLC bought a new position in shares of Fortinet during the 4th quarter worth approximately $32,000. Finally, Vima LLC bought a new position in shares of Fortinet during the 4th quarter worth approximately $25,000. Institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet 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 completion of the sale, the vice president now directly 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Fortinet 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 completion of the sale, the vice president now directly 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 96,210 shares of company stock valued at $6,337,801 over the last three months. Insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FTNT shares. Barclays raised their price target on shares of Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. BMO Capital Markets raised their price target on shares of Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. Robert W. Baird raised their price target on shares of Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, Piper Sandler upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average target price of $72.64.

Fortinet Stock Performance

NASDAQ FTNT opened at $82.87 on Friday. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $83.04. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The company has a market capitalization of $63.39 billion, a P/E ratio of 49.04, a P/E/G ratio of 2.84 and a beta of 1.00. The company has a fifty day moving average of $74.98 and a 200-day moving average of $66.16.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data 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. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm’s revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.31 EPS. As a group, equities research analysts predict that Fortinet, Inc. will post 1.74 EPS for the current fiscal year.

Fortinet 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.