12,900 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by nVerses Capital LLC

nVerses Capital LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 12,900 shares of the software maker’s stock, valued at approximately $1,000,000.

Several other institutional investors have also recently made changes to their positions in the company. Winthrop Capital Management LLC purchased a new position in Fortinet in the first quarter valued at about $25,000. Rise Advisors LLC grew its stake in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares during the last quarter. Oakworth Capital Inc. purchased a new stake in shares of Fortinet during the second quarter worth about $33,000. Versant Capital Management Inc grew its stake in shares of 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 acquiring an additional 238 shares during the last quarter. Finally, City State Bank grew its stake in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction on 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 sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Ken Xie sold 23,307 shares of the 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 transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,250 shares of company stock valued at $6,790,149. Insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FTNT. Mizuho downgraded Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a report on Thursday. Scotiabank upped their target price on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, August 7th. HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price for the company in a research note on Wednesday, August 7th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research note on Thursday, August 8th. Finally, Barclays upped their target price on Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. One research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $72.71.

Fortinet Price Performance

NASDAQ:FTNT traded down $2.11 during trading hours on Thursday, hitting $80.01. The company’s stock had a trading volume of 1,478,780 shares, compared to its average volume of 5,529,833. The business’s 50-day moving average is $76.30 and its two-hundred day moving average is $66.47. The company has a market capitalization of $61.12 billion, a PE ratio of 53.67, a PEG ratio of 2.84 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week 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 for the quarter, beating the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. Fortinet’s revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.31 earnings per share. As a group, research analysts anticipate that Fortinet, Inc. will post 1.74 EPS for the current fiscal year.

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.