Bank OZK Reduces Position in Fortinet, Inc. (NASDAQ:FTNT)

Bank OZK lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 52,979 shares of the software maker’s stock after selling 1,216 shares during the period. Fortinet makes up about 1.5% of Bank OZK’s portfolio, making the stock its 13th biggest position. Bank OZK’s holdings in Fortinet were worth $3,101,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the stock. Golden State Equity Partners grew its position in Fortinet by 9.5% during the 4th quarter. Golden State Equity Partners now owns 4,616 shares of the software maker’s stock worth $270,000 after purchasing an additional 400 shares during the last quarter. Kovack Advisors Inc. lifted its stake in Fortinet by 14.5% during the 4th quarter. Kovack Advisors Inc. now owns 12,858 shares of the software maker’s stock valued at $753,000 after acquiring an additional 1,630 shares during the period. Motley Fool Asset Management LLC lifted its stake in Fortinet by 2.4% during the 4th quarter. Motley Fool Asset Management LLC now owns 23,189 shares of the software maker’s stock valued at $1,357,000 after acquiring an additional 554 shares during the period. State of New Jersey Common Pension Fund D lifted its stake in Fortinet by 0.8% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 384,735 shares of the software maker’s stock valued at $22,519,000 after acquiring an additional 3,036 shares during the period. Finally, Syon Capital LLC lifted its stake in Fortinet by 17.5% during the 4th quarter. Syon Capital LLC now owns 5,100 shares of the software maker’s stock valued at $299,000 after acquiring an additional 758 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of Fortinet stock traded up $0.15 during trading hours on Friday, reaching $64.18. 4,138,352 shares of the company’s stock were exchanged, compared to its average volume of 4,170,089. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The company has a market capitalization of $48.97 billion, a P/E ratio of 44.26, a price-to-earnings-growth ratio of 2.84 and a beta of 1.08. The business has a fifty day moving average of $67.96 and a two-hundred day moving average of $61.75. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last released its 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. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the firm earned $0.38 earnings per share. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. As a group, research analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on FTNT. Stifel Nicolaus lifted their price objective on shares of Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a research note on Wednesday, February 7th. Capital One Financial cut shares of Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 17th. Jefferies Financial Group decreased their target price on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research note on Thursday, April 18th. Susquehanna reiterated a “neutral” rating and issued a $80.00 target price on shares of Fortinet in a research note on Wednesday, April 3rd. Finally, HSBC cut shares of Fortinet from a “hold” rating to a “reduce” rating and set a $57.00 target price for the company. in a research note on Wednesday, February 7th. Two 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $72.19.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Michael Xie sold 38,369 shares of the company’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 owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,694 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Over the last quarter, insiders sold 132,139 shares of company stock valued at $8,977,876. 17.54% of the stock is owned by company insiders.

Fortinet 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.