Members Trust Co Takes $231,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Members Trust Co purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,975 shares of the software maker’s stock, valued at approximately $231,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Winthrop Capital Management LLC bought a new position in shares of Fortinet during the 1st quarter worth about $25,000. Rise Advisors LLC grew its stake in Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new stake in Fortinet in the 4th quarter valued at $32,000. Oakworth Capital Inc. bought a new position in shares of Fortinet in the second quarter valued at $33,000. Finally, Versant Capital Management Inc grew its holdings in shares of Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after buying an additional 238 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

Shares of Fortinet stock traded down $0.26 during trading on Tuesday, hitting $82.57. The stock had a trading volume of 2,124,772 shares, compared to its average volume of 5,548,075. The firm has a market cap of $63.08 billion, a price-to-earnings ratio of 54.14, a P/E/G ratio of 2.84 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The business’s 50-day moving average is $75.52 and its 200 day moving average is $66.26. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $83.77.

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, beating the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.31 earnings per share. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Insider Buying and Selling

In other news, VP Michael Xie sold 24,712 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 71,943 shares of company stock worth $4,881,539. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FTNT. Barclays boosted their price objective on Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. UBS Group raised their price target on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. TD Cowen upped their target price on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $72.64.

Fortinet Company 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.