Bank of Montreal Can Grows Stake in Fortinet, Inc. (NASDAQ:FTNT)

Bank of Montreal Can increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,025,721 shares of the software maker’s stock after purchasing an additional 4,868 shares during the period. Bank of Montreal Can owned 0.27% of Fortinet worth $124,521,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Vima LLC purchased a new stake in shares of Fortinet during the 4th quarter valued at approximately $25,000. Winthrop Capital Management LLC acquired a new position in Fortinet during the 1st quarter worth approximately $25,000. Rise Advisors LLC increased 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 during the last quarter. Creekmur Asset Management LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at $32,000. Finally, Oakworth Capital Inc. purchased a new stake in shares of Fortinet during the 2nd quarter worth $33,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Ken Xie sold 23,538 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders sold a total of 96,210 shares of company stock valued at $6,337,801 over the last three months. 18.00% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on FTNT shares. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a report on Thursday, August 8th. BMO Capital Markets upped their price objective on shares of Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 7th. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a research note on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a report on Wednesday, August 7th. Finally, Susquehanna boosted their price target on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Twenty-three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $71.57.

Fortinet Trading Up 0.9 %

NASDAQ:FTNT opened at $77.44 on Tuesday. The business’s 50-day moving average is $69.23 and its two-hundred day moving average is $65.21. The firm has a market capitalization of $59.16 billion, a PE ratio of 50.61, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.08. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the business posted $0.31 EPS. The company’s revenue was up 10.9% on a year-over-year basis. Research analysts predict that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

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.