Insider Buying: Fortinet, Inc. (NASDAQ:FTNT) Director Buys 328 Shares of Stock

Fortinet, Inc. (NASDAQ:FTNT) Director William H. Neukom bought 328 shares of Fortinet stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $106.33 per share, with a total value of $34,876.24. Following the completion of the acquisition, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. The trade was a 0.11 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

Fortinet Price Performance

Shares of FTNT stock opened at $101.28 on Friday. The firm has a market cap of $77.88 billion, a P/E ratio of 44.81, a P/E/G ratio of 4.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82. The firm has a fifty day moving average of $101.95 and a two-hundred day moving average of $90.64.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, February 6th. The software maker reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Institutional Trading of Fortinet

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Fortinet by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 68,115,470 shares of the software maker’s stock valued at $6,435,550,000 after purchasing an additional 730,994 shares during the last quarter. State Street Corp lifted its position in Fortinet by 2.9% in the 3rd quarter. State Street Corp now owns 27,281,279 shares of the software maker’s stock valued at $2,115,663,000 after purchasing an additional 766,135 shares during the last quarter. Geode Capital Management LLC lifted its position in Fortinet by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 15,270,913 shares of the software maker’s stock valued at $1,440,648,000 after purchasing an additional 387,901 shares during the last quarter. Invesco Ltd. raised its position in shares of Fortinet by 31.3% during the 4th quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker’s stock worth $792,564,000 after buying an additional 2,000,888 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Fortinet during the 4th quarter worth about $724,048,000. 83.71% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent analyst reports. Hsbc Global Res upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 11th. Cantor Fitzgerald boosted their price target on shares of Fortinet from $95.00 to $110.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Citigroup boosted their price target on shares of Fortinet from $100.00 to $101.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Guggenheim restated a “neutral” rating on shares of Fortinet in a research report on Friday, February 7th. Finally, Raymond James restated a “market perform” rating on shares of Fortinet in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $103.72.

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.