William H. Neukom Purchases 664 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock
Fortinet, Inc. (NASDAQ:FTNT – Get Free Report) Director William H. Neukom purchased 664 shares of Fortinet stock in a transaction dated Wednesday, December 6th. The stock was bought at an average cost of $52.62 per share, with a total value of $34,939.68. Following the completion of the transaction, the director now owns 293,041 shares in the company, valued at approximately $15,419,817.42. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link.
Fortinet Stock Performance
Shares of FTNT traded down $0.69 during mid-day trading on Wednesday, reaching $51.83. The company had a trading volume of 4,054,914 shares, compared to its average volume of 5,830,405. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a quick ratio of 1.17, a current ratio of 1.30 and a debt-to-equity ratio of 13.38. The stock has a market capitalization of $39.80 billion, a P/E ratio of 36.22, a PEG ratio of 2.36 and a beta of 1.05. The stock has a 50 day moving average of $55.00 and a two-hundred day moving average of $63.33.
Fortinet (NASDAQ:FTNT – Get Free Report) last issued its quarterly earnings results on Thursday, November 2nd. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.05. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.35 billion. Fortinet had a return on equity of 3,361.82% and a net margin of 22.25%. Fortinet’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.28 earnings per share. On average, analysts expect that Fortinet, Inc. will post 1.29 earnings per share for the current year.
Analyst Ratings Changes
Several brokerages recently issued reports on FTNT. Rosenblatt Securities reduced their target price on Fortinet from $75.00 to $65.00 and set a “buy” rating on the stock in a research report on Friday, November 3rd. Mizuho reduced their target price on Fortinet from $68.00 to $65.00 and set a “neutral” rating on the stock in a research report on Monday, October 16th. Needham & Company LLC began coverage on Fortinet in a research report on Wednesday, October 25th. They set a “hold” rating on the stock. Morgan Stanley reduced their target price on Fortinet from $75.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, November 3rd. Finally, The Goldman Sachs Group reduced their target price on Fortinet from $70.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, November 6th. Nineteen investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $65.90.
Read Our Latest Stock Analysis on FTNT
Hedge Funds Weigh In On Fortinet
A number of hedge funds have recently bought and sold shares of FTNT. Bank Julius Baer & Co. Ltd Zurich boosted its position in Fortinet by 99,008.1% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 213,366,900 shares of the software maker’s stock worth $16,128,404,000 after purchasing an additional 213,151,613 shares in the last quarter. Moneta Group Investment Advisors LLC boosted its position in Fortinet by 125,937.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock worth $713,680,000 after purchasing an additional 14,586,086 shares in the last quarter. Norges Bank purchased a new position in shares of Fortinet in the fourth quarter valued at approximately $312,964,000. Nordea Investment Management AB lifted its position in shares of Fortinet by 156.8% in the third quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after acquiring an additional 5,765,174 shares in the last quarter. Finally, Ninety One UK Ltd purchased a new position in shares of Fortinet in the second quarter valued at approximately $196,858,000. Hedge funds and other institutional investors own 65.00% of the company’s stock.
About Fortinet (Get Free Report)
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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Original: MarketBeat News Feed: William H. Neukom Purchases 664 Shares of Fortinet, Inc. (NASDAQ:FTNT) Stock