Bokf Na Has $1.75 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Bokf Na boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,815 shares of the software maker’s stock after acquiring an additional 1,240 shares during the quarter. Bokf Na’s holdings in Fortinet were worth $1,751,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of FTNT. Norges Bank acquired a new position in Fortinet during the fourth quarter worth $203,501,000. Sarasin & Partners LLP acquired a new position in Fortinet during the first quarter worth $120,746,000. Bessemer Group Inc. raised its stake in Fortinet by 102.5% during the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock worth $224,344,000 after acquiring an additional 1,662,156 shares in the last quarter. Parnassus Investments LLC grew its holdings in shares of Fortinet by 223.6% during the fourth quarter. Parnassus Investments LLC now owns 1,366,467 shares of the software maker’s stock worth $79,979,000 after purchasing an additional 944,161 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Fortinet by 1.2% during the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after purchasing an additional 779,271 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

Fortinet stock traded down $0.31 during midday trading on Friday, reaching $57.00. The stock had a trading volume of 4,244,996 shares, compared to its average volume of 4,748,436. The stock has a market capitalization of $43.54 billion, a P/E ratio of 37.26, a price-to-earnings-growth ratio of 2.78 and a beta of 0.98. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $78.58. The firm’s fifty day simple moving average is $59.57 and its 200-day simple moving average is $63.84.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.29 EPS. On average, sell-side analysts anticipate that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, Director William H. Neukom bought 586 shares of Fortinet stock in a transaction dated Thursday, June 6th. The stock was bought at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the purchase, the director now owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 24,267 shares of Fortinet stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The disclosure for this sale can be found here. Insiders have sold 91,913 shares of company stock valued at $5,608,349 in the last 90 days. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Wedbush restated an “outperform” rating and set a $78.00 target price on shares of Fortinet in a report on Wednesday, May 22nd. Evercore ISI decreased their target price on Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a report on Friday, May 3rd. Mizuho decreased their target price on Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Truist Financial decreased their target price on Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Finally, JPMorgan Chase & Co. decreased their target price on Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $69.90.

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.