Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Parkside Financial Bank & Trust

Parkside Financial Bank & Trust lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 31.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,059 shares of the software maker’s stock after purchasing an additional 256 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Fortinet were worth $62,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Nordea Investment Management AB increased its holdings in shares of Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after purchasing an additional 5,765,174 shares during the last quarter. Morgan Stanley increased its stake in Fortinet by 1.3% during the third quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after acquiring an additional 108,548 shares during the last quarter. Invesco Ltd. increased its stake in Fortinet by 5.1% during the third quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock worth $328,350,000 after acquiring an additional 269,202 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Fortinet by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock worth $222,345,000 after acquiring an additional 153,119 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in Fortinet by 79.6% during the third quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock worth $209,853,000 after acquiring an additional 1,585,236 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 46,084 shares of Fortinet stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total value of $3,183,021.88. Following the completion of the sale, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold 132,139 shares of company stock valued at $8,977,876 in the last ninety days. Insiders own 17.54% of the company’s stock.

Fortinet Stock Up 0.2 %

Shares of NASDAQ FTNT opened at $64.18 on Friday. The company has a market capitalization of $48.97 billion, a price-to-earnings ratio of 44.26, a price-to-earnings-growth ratio of 2.84 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The business has a 50-day moving average of $67.96 and a two-hundred day moving average of $61.75. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. Fortinet’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.38 EPS. On average, analysts forecast that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Capital One Financial cut Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 17th. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, April 18th. Piper Sandler reissued a “neutral” rating and set a $75.00 target price on shares of Fortinet in a research note on Wednesday, April 3rd. Royal Bank of Canada raised their target price on Fortinet from $60.00 to $71.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 7th. Finally, Morgan Stanley raised their target price on Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $72.19.

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.