Global Trust Asset Management LLC Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Global Trust Asset Management LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 24.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,550 shares of the software maker’s stock after buying an additional 300 shares during the quarter. Global Trust Asset Management LLC’s holdings in Fortinet were worth $120,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FTNT. Eagle Capital Management LLC raised its holdings in Fortinet by 0.6% in the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares during the last quarter. Parallel Advisors LLC raised its holdings in Fortinet by 2.0% in the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after acquiring an additional 148 shares during the last quarter. Simplicity Wealth LLC raised its holdings in Fortinet by 2.2% in the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after acquiring an additional 174 shares during the last quarter. Werlinich Asset Management LLC raised its holdings in Fortinet by 1.7% in the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after acquiring an additional 180 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC raised its holdings in Fortinet by 0.9% in the 1st quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after acquiring an additional 185 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 0.3 %

Shares of Fortinet stock opened at $80.34 on Friday. The company has a market capitalization of $61.37 billion, a PE ratio of 52.51, a P/E/G ratio of 2.84 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $83.77. The business has a 50-day moving average of $77.64 and a 200-day moving average of $67.06. 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 posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period last year, the firm earned $0.31 earnings per share. As a group, equities analysts forecast that Fortinet, Inc. will post 1.74 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred 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 transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 95,250 shares of company stock worth $6,790,149. Corporate insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

FTNT has been the subject of several analyst reports. Piper Sandler upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Wells Fargo & Company upped their price objective on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Hsbc Global Res upgraded Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Guggenheim downgraded Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Finally, Citigroup upped their price objective on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $73.25.

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.