Oakworth Capital Inc. Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Oakworth Capital Inc. acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 545 shares of the software maker’s stock, valued at approximately $33,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Vima LLC acquired a new position in Fortinet during the 4th quarter worth approximately $25,000. Winthrop Capital Management LLC bought a new position in shares of Fortinet in the 1st quarter valued at $25,000. Rise Advisors LLC boosted its holdings in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares in the last quarter. Creekmur Asset Management LLC bought a new stake in Fortinet during the 4th quarter worth $32,000. Finally, American National Bank raised its position in Fortinet by 443.6% in the fourth quarter. American National Bank now owns 598 shares of the software maker’s stock valued at $35,000 after purchasing an additional 488 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Wells Fargo & Company upped their price objective on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Wedbush restated an “outperform” rating and issued a $78.00 price target on shares of Fortinet in a research report on Wednesday, August 7th. Robert W. Baird lifted their price target on shares of Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald lifted their target price on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $71.31.

Fortinet Trading Up 1.8 %

Shares of FTNT traded up $1.32 on Friday, reaching $74.72. The company’s stock had a trading volume of 4,798,599 shares, compared to its average volume of 5,910,659. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $74.90. The stock has a market capitalization of $57.08 billion, a PE ratio of 48.84, a PEG ratio of 2.79 and a beta of 0.98. The firm has a fifty day moving average of $60.91 and a 200-day moving average of $63.96.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the firm posted $0.31 EPS. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, equities analysts anticipate that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the sale, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. The disclosure for this sale can be found here. Insiders have sold 115,608 shares of company stock worth $7,132,649 in the last ninety days. Company insiders own 18.00% of the company’s stock.

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.