Inspire Investing LLC Has $5.49 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Inspire Investing LLC decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.7% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 70,822 shares of the software maker’s stock after selling 4,292 shares during the period. Inspire Investing LLC’s holdings in Fortinet were worth $5,492,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Vima LLC bought a new position in Fortinet in the 4th quarter valued at $25,000. Winthrop Capital Management LLC purchased a new position in shares of Fortinet in the first quarter valued at $25,000. Rise Advisors LLC increased its position in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares during the period. Creekmur Asset Management LLC purchased a new stake in Fortinet in the 4th quarter worth approximately $32,000. Finally, Oakworth Capital Inc. bought a new stake in shares of Fortinet during the 2nd quarter valued at about $33,000. Institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 96,210 shares of company stock valued at $6,337,801 in the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of research reports. JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Scotiabank upped their price target on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 7th. Royal Bank of Canada upped their price objective on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. Wells Fargo & Company increased their price objective on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Finally, Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research 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 stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $72.64.

Fortinet Trading Up 0.5 %

Shares of Fortinet stock opened at $82.87 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $83.04. The firm has a market capitalization of $63.39 billion, a PE ratio of 49.04, a P/E/G ratio of 2.84 and a beta of 1.00. The firm’s 50-day moving average price is $74.98 and its 200 day moving average price is $66.16.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.31 EPS. On average, sell-side analysts predict that Fortinet, Inc. will post 1.74 EPS for the current fiscal year.

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.