Greenfield Savings Bank Has $1.21 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Greenfield Savings Bank decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,598 shares of the software maker’s stock after selling 963 shares during the quarter. Greenfield Savings Bank’s holdings in Fortinet were worth $1,210,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Vima LLC acquired a new stake in Fortinet in the 4th quarter valued at $25,000. Winthrop Capital Management LLC acquired a new stake in Fortinet in the 1st quarter valued at $25,000. Rise Advisors LLC lifted its stake in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares in the last quarter. Creekmur Asset Management LLC bought a new position in Fortinet during the 4th quarter valued at $32,000. Finally, Oakworth Capital Inc. bought a new position in Fortinet during the 2nd quarter valued at $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the topic of several recent analyst reports. Rosenblatt Securities dropped their price objective on Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Royal Bank of Canada lifted their target price on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and set a $78.00 target price on shares of Fortinet in a research note on Wednesday, August 7th. Barclays lifted their target price on Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Twenty-three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $72.11.

Fortinet Trading Down 0.7 %

Shares of NASDAQ FTNT opened at $77.48 on Tuesday. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $79.08. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The stock has a fifty day simple moving average of $73.09 and a 200-day simple moving average of $65.79. The stock has a market capitalization of $59.19 billion, a PE ratio of 50.64, a PEG ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping 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 firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the firm posted $0.31 EPS. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, equities analysts forecast that Fortinet, Inc. will post 1.72 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction 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 $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated Friday, August 2nd. The stock was 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated 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 sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 96,210 shares of company stock valued at $6,337,801 in the last three months. 18.00% of the stock is owned by corporate insiders.

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.