According to the most recent report submitted to the SEC, DekaBank Deutsche Girozentrale increased the number of Fortinet, Inc. (NASDAQ: FTNT) shares owned by a percentage of 413.8% during the third quarter. The institutional investor has 920,050 shares in the software development company after making additional purchases amounting to 740,986 shares during the period in question. This brings the investor’s total number of shares to 920,050. At the end of the most recent fiscal quarter, DekaBank Deutsche Girozentrale held a stake in Fortinet valued at approximately $44,951,000. This represents approximately 0.12% of the company’s total ownership.
As a result of recent occurrences, a sizable number of additional institutional investors and hedge funds have shifted their positions about the stock. Price T. Rowe Associates Inc. (MD), an investment management company, increased the amount of Fortinet stock owned by 395.4 percent during the second quarter. Price T. Rowe Associates Inc. (MD) now holds 52,995,764 shares, with a market cap of $2,998,500,000. This is due to acquiring an additional 42,299,029 shares during the most recent quarter. The percentage of Fortinet stock owned by State Street Corporation went up by 380.5 percent during the second quarter of the fiscal year. State Street Corp. now owns a total of 25,872,049 shares of the software maker’s stock, which have a value of $1,463,841,000 following the acquisition of an additional 20,487,614 shares during the most recent quarter. This brings the total number of shares owned by State Street Corp. to 25,872,049. During the second quarter, FMR LLC achieved a 148.6% increase in the proportion of Fortinet stock it owned. FMR LLC now has 7,416,167 software maker’s stock shares following the acquisition of an additional 4,433,565 shares during the most recent quarter. After FMR LLC purchases the additional shares, these shares have a combined value of $419,606,000. The staggering increase in Northern Trust Corporation’s ownership of Fortinet occurred during the second quarter. The company’s total stake in the company now stands at 363.9%. After purchasing an additional 5,343,055 shares during the most recent quarter, Northern Trust Corp. now has a total of 6,811,189 shares of the software developer’s stock, which are currently valued at $385,377,000. This brings the total number of shares owned by the company to 6,811,189.
Last but not least, during the second quarter, Legal & General Group Plc increased the proportion of its total capital invested in Fortinet by 407%. The most recent quarter saw the company acquire an additional 5,259,399 shares, bringing the total number of shares it owns in the corporation to 6,549,130. The corporation has a market cap of $370,552,000. At the moment, institutional investors are the owners of 64.35 percent of the company’s outstanding shares.
Several research companies have recently voiced their interest in FTNT, which has been increasing over the past few weeks. In a research note published on November 3, BMO Capital Markets announced that the price target for Fortinet’s shares would be decreased from $60.00 to $58.00. Additionally, the “outperform” recommendation that BMO Capital Markets had previously placed on the company’s stock was lowered. On Friday, January 13, BTIG Research released a study that rated Fortinet’s stock as “neutral,” down from the “buy” recommendation it had previously given. In a report on November 3, Wedbush lowered its price objective on Fortinet shares, bringing it down from $76.00 to $64.00. The new price objective can be found here. Friday, October 7, saw the release of a report by Sumitomo Mitsui Financial Group in which the company announced the beginning of coverage of Fortinet shares. They suggested that investors “outperform” the stock and established a price objective of $70.00. StockNews.com changed its rating for Fortinet from “hold” to “buy” in a report made public on Friday, October 7. This is the last but not the least of the company’s recent changes. The stock has been recommended to buy by 18 of the equity research specialists, while only 6 of them have recommended that investors hold onto their shares. According to information discovered on Bloomberg.com, the company is currently regarded as having a consensus recommendation of “Moderate Buy,” Analysts have set an average price objective of $66.92 for the stock. Additionally, the analysts have set an objective price of $66.92 for the stock.
On Friday, November 11, Vice President John Whittle sold 3,125 shares of company stock, according to additional information related to this topic that was made public. The total amount spent on the shares, which came to $171,875.00, was equivalent to 55 dollars on a per-share basis. After the deal’s completion, the vice president directly controls 12,876 company shares with a combined value of $708,180. On the Securities and Exchange Commission website, one can find a copy of the legal file that disclosed the transaction. This file contains the details of the transaction (SEC). The percentage of the company’s stock that company insiders currently own is 18.80%.
The first day of trading for FTNT stock was Wednesday, and the stock opened at $50.10 per share. The company’s current market value is $39.14 billion, and it has a price-to-earnings ratio of 55.30 and a price-to-earnings-growth ratio of 2.57. Additionally, its beta value is 1.13. One year ago, Fortinet, Inc. experienced a low point of $42.61, while the company achieved a high point of $71.52 during the same year. The company’s moving average over the past fifty days is $51.31, and the moving average over the past 200 days is $52.72 [both prices are in US dollars].
On November 2, the most recent earnings report for Fortinet, which is publicly traded and can be found under the NASDAQ: FTNT, was made available to the public. The software company reported earnings per share (EPS) for the quarter at $0.28, which was $0.08 higher than the consensus estimate of industry analysts. The company’s quarterly sales came in at $1.15 billion, which is significantly higher than the consensus estimate of $1.12 billion for the company’s sales for the quarter. The return on equity for Fortinet came in at 9.180.34%, and the company maintained a net margin of 18.12%. The previous quarter’s revenue for the company was up 32.6% compared to the current quarter. The business made a profit of $0.15 per share during the same period the year before compared to the current year. According to projections made by professionals in market research, Fortinet, Inc. will have $0.9 per share earnings for the current fiscal year.
Fortinet, Inc. provides cybersecurity solutions that can benefit a diverse range of business types, including large corporations, communication service providers, small enterprises, and others. These solutions can be found on their website. The following are some of the areas in which it performs exceptionally well: Coverage extends to include not only these aspects of operational technology but also the Internet of Things, endpoint security, cloud security, infrastructure security, network security, and operational technology.
