Global Retirement Partners LLC lifted its stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 19.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,696 shares of the software maker’s stock after purchasing an additional 438 shares during the period. Global Retirement Partners LLC’s holdings in Fortinet were worth $163,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Alphinity Investment Management Pty Ltd raised its position in shares of Fortinet by 32.5% in the 1st quarter. Alphinity Investment Management Pty Ltd now owns 5,322,762 shares of the software maker’s stock valued at $353,751,000 after acquiring an additional 1,306,141 shares during the period. Truist Financial Corp grew its holdings in shares of Fortinet by 1.6% during the first quarter. Truist Financial Corp now owns 69,122 shares of the software maker’s stock worth $4,594,000 after buying an additional 1,105 shares in the last quarter. Silver Oak Securities Incorporated acquired a new stake in Fortinet in the 1st quarter valued at approximately $319,000. Paragon Advisors LLC bought a new stake in Fortinet in the 1st quarter valued at approximately $889,000. Finally, Colonial River Wealth Management LLC acquired a new position in Fortinet during the 1st quarter worth approximately $245,000. Institutional investors own 64.21% of the company’s stock.
Insider Buying and Selling at Fortinet
In other news, EVP Patrice Perche sold 7,530 shares of the business’s stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $78.49, for a total transaction of $591,029.70. Following the sale, the executive vice president now directly owns 25,730 shares in the company, valued at $2,019,547.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Fortinet news, EVP Patrice Perche sold 7,530 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $78.49, for a total transaction of $591,029.70. Following the sale, the executive vice president now directly owns 25,730 shares of the company’s stock, valued at approximately $2,019,547.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 24,710 shares of the company’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $68.18, for a total transaction of $1,684,727.80. Following the completion of the transaction, the chief financial officer now owns 4,572 shares of the company’s stock, valued at $311,718.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 67,163 shares of company stock worth $4,799,087. 17.54% of the stock is currently owned by insiders.
Analyst Ratings Changes
Check Out Our Latest Stock Report on Fortinet
Fortinet Price Performance
FTNT stock opened at $60.56 on Friday. Fortinet, Inc. has a 1 year low of $42.61 and a 1 year high of $81.24. The company has a debt-to-equity ratio of 3.09, a current ratio of 1.39 and a quick ratio of 1.29. The stock has a market cap of $47.55 billion, a price-to-earnings ratio of 45.75, a P/E/G ratio of 2.69 and a beta of 1.16. The company has a 50 day simple moving average of $73.03 and a 200 day simple moving average of $66.14.
Fortinet (NASDAQ:FTNT – Get Free Report) last announced its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.04. Fortinet had a negative return on equity of 698.28% and a net margin of 21.24%. The company had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.30 billion. During the same period in the prior year, the company earned $0.18 EPS. Fortinet’s revenue was up 25.5% compared to the same quarter last year. Research analysts anticipate that Fortinet, Inc. will post 1.19 EPS for the current fiscal year.
Fortinet Company Profile
Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.
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