Bokf Na raised its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 45.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 56,431 shares of the software maker’s stock after purchasing an additional 17,574 shares during the quarter. Bokf Na’s holdings in Fortinet were worth $3,975,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the company. Tarbox Family Office Inc. bought a new position in shares of Fortinet during the 4th quarter valued at about $25,000. Sun Life Financial INC bought a new position in shares of Fortinet during the 4th quarter valued at about $28,000. Guardian Life Insurance Co. of America bought a new position in shares of Fortinet during the 4th quarter valued at about $29,000. Bremer Trust National Association bought a new position in shares of Fortinet during the 4th quarter valued at about $33,000. Finally, Gemmer Asset Management LLC lifted its holdings in shares of Fortinet by 145.6% during the 4th quarter. Gemmer Asset Management LLC now owns 641 shares of the software maker’s stock valued at $45,000 after purchasing an additional 380 shares in the last quarter. Institutional investors own 73.78% of the company’s stock.
NASDAQ:FTNT opened at $83.83 on Thursday. The company has a market cap of $14.27 billion, a price-to-earnings ratio of 74.18, a P/E/G ratio of 3.92 and a beta of 0.92. Fortinet Inc has a twelve month low of $51.97 and a twelve month high of $94.37.
Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, February 6th. The software maker reported $0.42 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.11. The firm had revenue of $507.00 million for the quarter, compared to analyst estimates of $496.33 million. Fortinet had a return on equity of 22.72% and a net margin of 18.44%. The business’s quarterly revenue was up 21.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 EPS. Sell-side analysts forecast that Fortinet Inc will post 1.25 earnings per share for the current fiscal year.
Several equities analysts have recently weighed in on FTNT shares. BidaskClub upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Saturday, December 8th. Zacks Investment Research cut Fortinet from a “buy” rating to a “hold” rating in a report on Wednesday, January 30th. Gabelli cut Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, February 7th. Goldman Sachs Group cut Fortinet from a “buy” rating to a “sell” rating and cut their target price for the company from $95.00 to $59.00 in a research note on Friday, January 4th. Finally, BMO Capital Markets cut Fortinet from an “outperform” rating to a “market perform” rating and cut their target price for the company from $90.00 to $78.00 in a research note on Tuesday, January 22nd. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, sixteen have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $80.86.
In related news, VP Michael Xie sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $84.06, for a total transaction of $5,043,600.00. Following the transaction, the vice president now directly owns 6,444,644 shares of the company’s stock, valued at approximately $541,736,774.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 626 shares of the business’s stock in a transaction that occurred on Monday, December 24th. The stock was sold at an average price of $65.00, for a total value of $40,690.00. Following the transaction, the chief financial officer now directly owns 829 shares in the company, valued at $53,885. The disclosure for this sale can be found here. Insiders have sold a total of 197,127 shares of company stock worth $16,334,589 in the last ninety days. Insiders own 17.70% of the company’s stock.
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Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.
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