Oak Thistle LLC Buys New Position in Fortinet, Inc. (NASDAQ:FTNT)

Oak Thistle LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 6,826 shares of the software maker’s stock, valued at approximately $466,000.

Several other large investors also recently bought and sold shares of the company. Rise Advisors LLC raised its position in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares in the last quarter. Vima LLC acquired a new stake in Fortinet in the fourth quarter valued at $25,000. Atwood & Palmer Inc. bought a new position in Fortinet during the 4th quarter valued at $29,000. Headinvest LLC acquired a new position in Fortinet during the 3rd quarter worth $29,000. Finally, Creekmur Asset Management LLC bought a new stake in shares of Fortinet in the 4th quarter worth about $32,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity

In related news, Director William H. Neukom bought 586 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The shares were acquired at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the acquisition, the director now directly owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director William H. Neukom purchased 586 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was acquired at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now directly owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the transaction, the chief executive officer now directly owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,638 shares of company stock worth $5,705,568. Insiders own 18.00% of the company’s stock.

Fortinet Stock Down 0.7 %

NASDAQ:FTNT opened at $59.85 on Tuesday. The business’s 50-day moving average price is $60.51 and its 200 day moving average price is $63.80. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The firm has a market cap of $45.72 billion, a P/E ratio of 39.12, a PEG ratio of 2.95 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.34 billion. During the same quarter in the previous year, the company posted $0.29 EPS. The business’s revenue was up 7.2% compared to the same quarter last year. Sell-side analysts expect that Fortinet, Inc. will post 1.46 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on FTNT shares. Scotiabank decreased their price target on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research note on Friday, May 3rd. Jefferies Financial Group dropped their price target on Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research report on Thursday, April 18th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Tuesday, June 11th. HSBC dropped their target price on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a report on Friday, May 3rd. Finally, Morgan Stanley lowered their price objective on shares of Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $70.03.

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.