Fortinet, Inc. (NASDAQ:FTNT) Holdings Boosted by Parkside Financial Bank & Trust

Parkside Financial Bank & Trust boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 31.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,059 shares of the software maker’s stock after acquiring an additional 256 shares during the period. Parkside Financial Bank & Trust’s holdings in Fortinet were worth $62,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the business. Masso Torrence Wealth Management Inc. acquired a new position in Fortinet during the 4th quarter worth $252,000. Larson Financial Group LLC grew its position in Fortinet by 19.3% in the 4th quarter. Larson Financial Group LLC now owns 4,359 shares of the software maker’s stock valued at $255,000 after buying an additional 706 shares in the last quarter. Wedge Capital Management L L P NC grew its position in Fortinet by 10.6% in the 4th quarter. Wedge Capital Management L L P NC now owns 1,351,458 shares of the software maker’s stock valued at $79,101,000 after buying an additional 129,502 shares in the last quarter. RWA Wealth Partners LLC bought a new position in Fortinet in the 4th quarter valued at about $6,484,000. Finally, Sage Mountain Advisors LLC grew its position in Fortinet by 1.5% in the 4th quarter. Sage Mountain Advisors LLC now owns 67,069 shares of the software maker’s stock valued at $3,926,000 after buying an additional 975 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In related news, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 132,139 shares of company stock worth $8,977,876. Insiders own 17.54% of the company’s stock.

Fortinet Price Performance

NASDAQ FTNT opened at $64.18 on Friday. The company has a 50 day simple moving average of $67.96 and a 200-day simple moving average of $61.75. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The firm has a market capitalization of $48.97 billion, a price-to-earnings ratio of 44.26, a price-to-earnings-growth ratio of 2.84 and a beta of 1.08. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.38 earnings per share. Equities research analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on FTNT shares. Jefferies Financial Group decreased their target price on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. Scotiabank increased their target price on shares of Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a research report on Wednesday, February 7th. UBS Group increased their target price on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th. Royal Bank of Canada upped their price target on shares of Fortinet from $60.00 to $71.00 and gave the company a “sector perform” rating in a report on Wednesday, February 7th. Finally, Daiwa Capital Markets raised shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Fortinet currently has an average rating of “Hold” and an average target price of $72.19.

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.