3,860 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Dover Advisors LLC

Dover Advisors LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,860 shares of the software maker’s stock, valued at approximately $226,000.

Several other institutional investors also recently bought and sold shares of FTNT. Headinvest LLC acquired a new stake in shares of Fortinet in the third quarter valued at about $29,000. Atwood & Palmer Inc. acquired a new stake in shares of Fortinet in the fourth quarter valued at about $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Fortinet in the third quarter valued at about $37,000. Rakuten Securities Inc. acquired a new stake in shares of Fortinet in the fourth quarter valued at about $43,000. Finally, CVA Family Office LLC acquired a new stake in shares of Fortinet in the fourth quarter valued at about $46,000. 83.71% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price target on shares of Fortinet in a research report on Wednesday, April 3rd. Susquehanna reissued a “neutral” rating and set a $80.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price on the stock in a research report on Tuesday, February 13th. Mizuho lifted their target price on Fortinet from $60.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 7th. Finally, Wells Fargo & Company lifted their target price on Fortinet from $65.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $72.19.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The stock was 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 132,139 shares of company stock valued at $8,977,876. Insiders own 17.54% of the company’s stock.

Fortinet Trading Up 0.2 %

NASDAQ FTNT traded up $0.15 on Friday, reaching $64.18. The company had a trading volume of 4,138,352 shares, compared to its average volume of 4,170,089. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The stock’s 50 day moving average is $67.96 and its 200-day moving average is $61.78. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The stock has a market cap of $48.97 billion, a price-to-earnings ratio of 44.26, a PEG ratio of 2.85 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last released its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the firm posted $0.38 earnings per share. The company’s quarterly revenue was up 10.3% on a year-over-year basis. Equities analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current year.

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.