First Trust Direct Indexing L.P. Buys 3,241 Shares of Fortinet, Inc. (NASDAQ:FTNT)

First Trust Direct Indexing L.P. increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 22,340 shares of the software maker’s stock after acquiring an additional 3,241 shares during the period. First Trust Direct Indexing L.P.’s holdings in Fortinet were worth $1,732,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Eastern Bank acquired a new position in Fortinet during the third quarter worth approximately $25,000. Winthrop Capital Management LLC acquired a new position in Fortinet during the first quarter worth approximately $25,000. City State Bank increased its position in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares during the last quarter. Oakworth Capital Inc. acquired a new position in shares of Fortinet in the second quarter valued at approximately $33,000. Finally, Paladin Wealth LLC acquired a new position in shares of Fortinet in the third quarter valued at approximately $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on FTNT shares. Truist Financial upped their target price on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Mizuho downgraded Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price on the stock. in a research report on Thursday, October 17th. Scotiabank upped their target price on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a research report on Wednesday, August 7th. Finally, HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target for the company in a research note on Wednesday, August 7th. 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 a consensus rating of “Hold” and an average target price of $74.68.

Fortinet Stock Performance

NASDAQ FTNT opened at $78.66 on Friday. The company has a market capitalization of $60.17 billion, a price-to-earnings ratio of 46.54, a PEG ratio of 2.92 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $83.77. The stock has a fifty day simple moving average of $77.98 and a 200 day simple moving average of $67.38. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $1.40 billion. During the same period last year, the business posted $0.31 EPS. The business’s revenue was up 10.9% compared to the same quarter last year. Sell-side analysts expect that Fortinet, Inc. will post 1.74 EPS for the current year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The shares were 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 of the company’s stock, valued at $3,662,977,721.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 70,538 shares of company stock valued at $5,403,559 in the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

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.