Trust Co. of Oklahoma Takes $210,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Trust Co. of Oklahoma acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,220 shares of the software maker’s stock, valued at approximately $210,000.

A number of other large investors have also recently added to or reduced their stakes in FTNT. FMR LLC boosted its stake in Fortinet by 276.3% during the 3rd quarter. FMR LLC now owns 3,685,230 shares of the software maker’s stock valued at $285,790,000 after acquiring an additional 2,705,767 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Fortinet by 89.7% during the second quarter. AQR Capital Management LLC now owns 2,675,644 shares of the software maker’s stock worth $161,261,000 after purchasing an additional 1,265,162 shares during the period. Los Angeles Capital Management LLC raised its holdings in shares of Fortinet by 3,155.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,237,244 shares of the software maker’s stock worth $95,948,000 after purchasing an additional 1,199,241 shares during the period. State Street Corp raised its holdings in shares of Fortinet by 2.9% during the third quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock worth $2,115,663,000 after purchasing an additional 766,135 shares during the period. Finally, Worldquant Millennium Advisors LLC raised its holdings in shares of Fortinet by 98.9% during the third quarter. Worldquant Millennium Advisors LLC now owns 1,457,858 shares of the software maker’s stock worth $113,057,000 after purchasing an additional 724,887 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

NASDAQ:FTNT opened at $98.24 on Thursday. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $101.00. The company has a current ratio of 1.34, a quick ratio of 1.25 and a debt-to-equity ratio of 1.09. The company has a 50-day moving average of $95.59 and a 200-day moving average of $81.22. The firm has a market cap of $75.30 billion, a price-to-earnings ratio of 49.62, a price-to-earnings-growth ratio of 2.55 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, November 7th. The software maker reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.13. Fortinet had a net margin of 26.79% and a return on equity of 973.30%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. During the same quarter last year, the firm posted $0.35 EPS. Analysts forecast that Fortinet, Inc. will post 1.95 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FTNT shares. Jefferies Financial Group increased their target price on shares of Fortinet from $95.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, December 19th. TD Cowen increased their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Morgan Stanley increased their target price on shares of Fortinet from $105.00 to $106.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Wedbush increased their target price on shares of Fortinet from $90.00 to $105.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Finally, The Goldman Sachs Group increased their price objective on shares of Fortinet from $100.00 to $114.00 and gave the stock a “buy” rating in a report on Thursday, January 2nd. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $96.83.

Insiders Place Their Bets

In other news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was bought at an average cost of $98.50 per share, for a total transaction of $34,967.50. Following the completion of the acquisition, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 4,250 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $90.83, for a total transaction of $386,027.50. Following the completion of the transaction, the chief financial officer now owns 4,689 shares of the company’s stock, valued at approximately $425,901.87. The trade was a 47.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,860 shares of company stock worth $6,469,056 over the last ninety days. 18.00% of the stock is currently owned by company insiders.

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.