Wright Investors Service Inc. decreased its position in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 22.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,066 shares of the software maker’s stock after selling 6,631 shares during the period. Wright Investors Service Inc.’s holdings in Fortinet were worth $1,350,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of FTNT. Headinvest LLC acquired a new position in shares of Fortinet in the 3rd quarter worth approximately $29,000. Atwood & Palmer Inc. bought a new position in Fortinet in the 4th quarter valued at $29,000. Retirement Group LLC bought a new position in Fortinet in the 4th quarter valued at $30,000. Resurgent Financial Advisors LLC bought a new position in Fortinet in the 4th quarter valued at $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC bought a new position in Fortinet in the 3rd quarter valued at $37,000. 83.71% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In other news, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction that occurred on 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 directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Fortinet news, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the transaction, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the transaction, the vice president now owns 29,887,018 shares of the company’s stock, valued at $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 worth $8,977,876. Corporate insiders own 17.54% of the company’s stock.
Wall Street Analyst Weigh In
View Our Latest Stock Report on FTNT
Fortinet Stock Performance
Shares of NASDAQ:FTNT traded up $0.09 during trading on Thursday, reaching $64.75. 679,896 shares of the stock were exchanged, compared to its average volume of 5,891,445. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The stock has a 50-day moving average price of $68.72 and a 200-day moving average price of $61.50. The firm has a market cap of $49.41 billion, a PE ratio of 44.31, a PEG ratio of 2.86 and a beta of 1.08.
Fortinet (NASDAQ:FTNT – Get Free Report) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating 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 company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the business earned $0.38 earnings per share. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. Research analysts expect that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.
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.
Recommended Stories
- Five stocks we like better than Fortinet
- High Dividend REITs: Are They an Ideal Way to Diversify?
- CSX Co.: The Railroad Powering Ahead with an Earnings Beat
- How to Invest in Insurance Companies: A GuideĀ
- Bear Market Funds to Watch This Year
- How to Capture the Benefits of Dividend Increases
- 3 Steel Stocks Could Soar on New China Tariffs
Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.