OLD National Bancorp IN Has $22.26 Million Position in Fortinet, Inc. $FTNT

OLD National Bancorp IN boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 6.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 210,554 shares of the software maker’s stock after acquiring an additional 11,919 shares during the quarter. OLD National Bancorp IN’s holdings in Fortinet were worth $22,260,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Dover Advisors LLC raised its holdings in Fortinet by 1.0% in the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock worth $999,000 after purchasing an additional 94 shares during the period. Peloton Wealth Strategists raised its holdings in Fortinet by 2.4% in the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after purchasing an additional 100 shares during the period. Trust Co. of Vermont raised its holdings in Fortinet by 3.6% in the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after purchasing an additional 100 shares during the period. Assenagon Asset Management S.A. raised its holdings in Fortinet by 0.6% in the second quarter. Assenagon Asset Management S.A. now owns 17,841 shares of the software maker’s stock worth $1,886,000 after purchasing an additional 102 shares during the period. Finally, Hemington Wealth Management raised its holdings in Fortinet by 16.6% in the first quarter. Hemington Wealth Management now owns 752 shares of the software maker’s stock worth $72,000 after purchasing an additional 107 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of FTNT opened at $85.79 on Friday. The firm has a 50-day moving average of $83.35 and a 200-day moving average of $95.06. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The company has a market cap of $65.74 billion, a PE ratio of 34.18, a price-to-earnings-growth ratio of 3.24 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. Fortinet’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.57 EPS. As a group, equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several analyst reports. Evercore ISI cut their target price on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. Truist Financial cut their target price on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. BMO Capital Markets lowered their price objective on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research report on Thursday, August 7th. Mizuho lowered their price objective on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a research report on Thursday, August 7th. Finally, Morgan Stanley reissued an “underweight” rating and set a $67.00 price objective (down previously from $78.00) on shares of Fortinet in a research report on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $97.03.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

Fortinet 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.