3,203 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Highview Capital Management LLC DE

Highview Capital Management LLC DE acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, Holdings Channel.com reports. The institutional investor acquired 3,203 shares of the software maker’s stock, valued at approximately $248,000.

Several other hedge funds have also added to or reduced their stakes in FTNT. Winthrop Capital Management LLC bought a new position in shares of Fortinet in the 1st quarter worth $25,000. Eastern Bank acquired a new position in shares of Fortinet during the third quarter worth about $25,000. Oakworth Capital Inc. acquired a new position in Fortinet during the 2nd quarter worth approximately $33,000. Versant Capital Management Inc raised its holdings in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after purchasing an additional 238 shares during the last quarter. Finally, City State Bank lifted its position in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after purchasing an additional 450 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,538 shares of the company’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 transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,250 shares of company stock valued at $6,790,149. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $79.37 on Wednesday. The stock has a market capitalization of $60.71 billion, a PE ratio of 46.96, a PEG ratio of 2.92 and a beta of 1.00. Fortinet, Inc. has a one year low of $44.12 and a one year high of $83.77. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The business’s 50 day simple moving average is $77.83 and its 200 day simple moving average is $67.22.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.31 earnings per share. As a group, research analysts forecast that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on FTNT shares. Barclays boosted their price target on shares of Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Wells Fargo & Company boosted their price target on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Truist Financial increased their price objective on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Scotiabank boosted their target price on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, August 7th. Finally, Piper Sandler raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $74.07.

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.