Oak Ridge Investments LLC Buys 7,654 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Oak Ridge Investments LLC lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 6.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 129,243 shares of the software maker’s stock after purchasing an additional 7,654 shares during the period. Fortinet comprises about 0.9% of Oak Ridge Investments LLC’s investment portfolio, making the stock its 26th largest position. Oak Ridge Investments LLC’s holdings in Fortinet were worth $10,023,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Eastern Bank acquired a new position in Fortinet in the 3rd quarter worth approximately $25,000. Winthrop Capital Management LLC acquired a new position in Fortinet in the 1st quarter worth approximately $25,000. City State Bank grew its stake in shares of Fortinet by 900.0% during the 3rd 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 period. Oakworth Capital Inc. acquired a new stake in shares of Fortinet during the 2nd quarter worth approximately $33,000. Finally, Paladin Wealth LLC acquired a new stake in shares of Fortinet during the 3rd quarter worth approximately $46,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Down 0.1 %

NASDAQ:FTNT opened at $78.66 on Friday. The firm has a market cap of $60.17 billion, a P/E ratio of 46.54, a PEG ratio of 2.78 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’s 50 day simple moving average is $77.98 and its 200-day simple moving average is $67.38. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $83.77.

Fortinet (NASDAQ:FTNT) last released its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The business 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%. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 earnings per share. Equities analysts anticipate that Fortinet, Inc. will post 1.74 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on FTNT shares. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a research note on Wednesday, August 7th. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Mizuho cut shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target on the stock. in a research note on Thursday, October 17th. Finally, Wedbush reissued an “outperform” rating and issued a $78.00 price target on shares of Fortinet in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus price target of $74.68.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, 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 legal filing with the SEC, which is available at this link. Insiders have sold 70,538 shares of company stock valued at $5,403,559 over the last quarter. Company insiders own 18.00% of the company’s stock.

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.