Silver Oak Securities Incorporated Boosts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Silver Oak Securities Incorporated grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1,591.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,349 shares of the software maker’s stock after buying an additional 3,151 shares during the quarter. Silver Oak Securities Incorporated’s holdings in Fortinet were worth $196,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Retirement Systems of Alabama purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $8,222,000. Golden State Equity Partners increased its position in shares of Fortinet by 9.5% in the fourth quarter. Golden State Equity Partners now owns 4,616 shares of the software maker’s stock valued at $270,000 after buying an additional 400 shares in the last quarter. Kovack Advisors Inc. increased its position in shares of Fortinet by 14.5% in the fourth quarter. Kovack Advisors Inc. now owns 12,858 shares of the software maker’s stock valued at $753,000 after buying an additional 1,630 shares in the last quarter. Motley Fool Asset Management LLC increased its position in shares of Fortinet by 2.4% in the fourth quarter. Motley Fool Asset Management LLC now owns 23,189 shares of the software maker’s stock valued at $1,357,000 after buying an additional 554 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its position in shares of Fortinet by 0.8% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 384,735 shares of the software maker’s stock worth $22,519,000 after purchasing an additional 3,036 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on FTNT shares. BMO Capital Markets boosted their price target on Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 7th. Daiwa Capital Markets upgraded Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a research report on Tuesday, February 13th. Wells Fargo & Company boosted their price target on Fortinet from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Jefferies Financial Group dropped their price target on Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. Finally, Stifel Nicolaus boosted their price target on Fortinet from $52.00 to $78.00 and gave the stock a “hold” rating in a research report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $72.19.

Fortinet Stock Up 0.6 %

NASDAQ:FTNT opened at $63.53 on Thursday. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The stock’s fifty day moving average is $67.78 and its two-hundred day moving average is $61.87. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The stock has a market capitalization of $48.49 billion, a price-to-earnings ratio of 43.81, a price-to-earnings-growth ratio of 2.85 and a beta of 1.08.

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

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,992 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Ken Xie sold 23,992 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold 132,139 shares of company stock worth $8,977,876 over the last ninety days. Corporate insiders own 17.54% of the company’s stock.

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.