71,687 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by NWK Group Inc.

NWK Group Inc. bought a new position in Fortinet, Inc. (NASDAQ:FTNT) during the first quarter, HoldingsChannel reports. The firm bought 71,687 shares of the software maker’s stock, valued at approximately $6,901,000. Fortinet accounts for approximately 3.2% of NWK Group Inc.’s holdings, making the stock its 15th biggest position.

A number of other large investors also recently modified their holdings of the company. Covestor Ltd increased its position in shares of Fortinet by 56.0% during the 1st quarter. Covestor Ltd now owns 1,767 shares of the software maker’s stock valued at $170,000 after purchasing an additional 634 shares during the last quarter. Frank Rimerman Advisors LLC boosted its stake in Fortinet by 4.4% in the 1st quarter. Frank Rimerman Advisors LLC now owns 13,388 shares of the software maker’s stock worth $1,289,000 after purchasing an additional 569 shares during the period. Donoghue Forlines LLC boosted its stake in Fortinet by 5.5% in the 1st quarter. Donoghue Forlines LLC now owns 22,993 shares of the software maker’s stock worth $2,213,000 after purchasing an additional 1,202 shares during the period. Zions Bancorporation National Association UT bought a new position in Fortinet in the 1st quarter worth about $73,000. Finally, Townsquare Capital LLC boosted its stake in Fortinet by 13.0% in the 1st quarter. Townsquare Capital LLC now owns 60,695 shares of the software maker’s stock worth $5,842,000 after purchasing an additional 6,994 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FTNT has been the subject of several analyst reports. TD Cowen restated a “hold” rating and issued a $105.00 target price on shares of Fortinet in a research note on Thursday. Scotiabank decreased their price objective on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a report on Thursday. Wells Fargo & Company decreased their price objective on Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a report on Thursday. Wolfe Research assumed coverage on Fortinet in a report on Monday, May 12th. They set a “peer perform” rating on the stock. Finally, UBS Group decreased their price objective on Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday. Two analysts have rated the stock with a sell rating, twenty-five have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $97.93.

Insiders Place Their Bets

In other news, VP Michael Xie sold 476,596 shares of the company’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William H. Neukom purchased 335 shares of the business’s stock in a transaction on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director directly owned 301,471 shares in the company, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 17.20% of the company’s stock.

Fortinet Stock Down 1.2%

FTNT stock opened at $74.39 on Friday. Fortinet, Inc. has a 1-year low of $67.97 and a 1-year high of $114.82. The business has a fifty day moving average price of $101.76 and a 200-day moving average price of $101.60. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.29. The stock has a market capitalization of $56.94 billion, a P/E ratio of 29.64, a P/E/G ratio of 2.59 and a beta of 1.07.

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

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.