4,683 Shares of Fortinet, Inc. $FTNT Purchased by True Freedom Investing LLC

True Freedom Investing LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, HoldingsChannel reports. The firm purchased 4,683 shares of the software maker’s stock, valued at approximately $837,000.

Several other large investors have also made changes to their positions in FTNT. BlackRock Inc. bought a new position in Fortinet in the 2nd quarter worth approximately $9,561,650,000. First Trust Advisors LP raised its position in shares of Fortinet by 45.5% during the first quarter. First Trust Advisors LP now owns 11,506,173 shares of the software maker’s stock valued at $940,284,000 after buying an additional 3,598,487 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Fortinet by 87.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock valued at $788,682,000 after buying an additional 4,500,194 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Fortinet in the second quarter worth $1,432,842,000. Finally, Legal & General Group Plc bought a new position in shares of Fortinet during the second quarter worth $979,062,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of FTNT stock opened at $136.08 on Monday. The company has a market capitalization of $99.84 billion, a P/E ratio of 44.18, a P/E/G ratio of 2.63 and a beta of 1.04. The company’s 50-day simple moving average is $171.34 and its two-hundred day simple moving average is $128.28. Fortinet, Inc. has a one year low of $73.55 and a one year high of $197.13. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.40 and a quick ratio of 1.28.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, October 28th. The software maker reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.05. Fortinet had a return on equity of 152.72% and a net margin of 28.96%. The firm had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.06 billion. During the same period in the previous year, the company posted $0.74 earnings per share. The firm’s quarterly revenue was up 20.5% on a year-over-year basis. As a group, equities analysts anticipate that Fortinet, Inc. will post 3.19 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on FTNT. Weiss Ratings raised Fortinet from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $145.00 price objective on shares of Fortinet in a research note on Thursday. HC Wainwright reaffirmed a “buy” rating on shares of Fortinet in a report on Thursday, July 30th. Truist Financial set a $175.00 target price on Fortinet and gave the company a “buy” rating in a research report on Thursday. Finally, Stephens raised their target price on shares of Fortinet from $160.00 to $165.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-four have given a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $147.94.

Insider Buying and Selling at Fortinet

In other news, COO John Whittle sold 2,835 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $168.74, for a total transaction of $478,377.90. Following the transaction, the chief operating officer directly owned 96,987 shares in the company, valued at approximately $16,365,586.38. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 17.60% of the company’s stock.

About Fortinet

Fortinet, Inc develops cybersecurity products and services designed to protect networks, endpoints, applications, cloud environments and operational technology systems. The company’s portfolio includes next-generation firewalls, secure networking products, endpoint security, web application security, email security, identity and access solutions, and security information and event management tools.

Its product offerings include FortiGate network security appliances and cloud-based firewalls, along with FortiSwitch, FortiAP and FortiExtender solutions for secure connectivity.