Members Trust Co Makes New $231,000 Investment in Fortinet, Inc. (NASDAQ:FTNT)

Members Trust Co purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,975 shares of the software maker’s stock, valued at approximately $231,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Parallel Advisors LLC raised its position 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 purchasing an additional 148 shares during the last quarter. Simplicity Wealth LLC raised its holdings in Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after purchasing an additional 174 shares during the period. Massmutual Trust Co. FSB ADV increased its holdings in shares of Fortinet by 22.4% in the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after acquiring an additional 180 shares in the last quarter. Werlinich Asset Management LLC increased its stake in Fortinet by 1.7% during the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after purchasing an additional 180 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC raised its holdings in shares of Fortinet by 0.9% during the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after acquiring an additional 185 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

Fortinet stock traded down $0.26 during trading hours on Tuesday, reaching $82.57. 2,124,772 shares of the stock were exchanged, compared to its average volume of 5,548,075. The stock has a 50 day moving average of $75.52 and a two-hundred day moving average of $66.26. The company has a market cap of $63.08 billion, a P/E ratio of 54.14, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $83.77.

Fortinet (NASDAQ:FTNT) last posted its 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 net margin of 23.71% and a negative return on equity of 2,160.10%. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the firm posted $0.31 earnings per share. The company’s revenue was up 10.9% on a year-over-year basis. Equities analysts expect that Fortinet, Inc. will post 1.74 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,712 shares of the firm’s 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 in the company, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 71,943 shares of company stock worth $4,881,539. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

FTNT has been the subject of a number of research reports. BMO Capital Markets increased their price objective on Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a report on Wednesday, August 7th. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Wells Fargo & Company raised their target price on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Finally, StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Tuesday, September 10th. Twenty-three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $72.64.

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.