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

True Freedom Investing LLC bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 4,683 shares of the software maker’s stock, valued at approximately $837,000.

Several other institutional investors have also bought and sold shares of FTNT. Burk Holdings LLC purchased a new stake in Fortinet in the second quarter worth $25,000. Dunhill Financial LLC bought a new stake in Fortinet in the 2nd quarter valued at about $25,000. Cornerstone Financial Management LLC lifted its holdings in Fortinet by 102.5% during the second quarter. Cornerstone Financial Management LLC now owns 164 shares of the software maker’s stock valued at $25,000 after purchasing an additional 83 shares during the last quarter. NFSG Corp bought a new position in Fortinet during the third quarter worth about $34,000. Finally, Timbuktu Capital Management LLC purchased a new position in shares of Fortinet in the second quarter worth about $31,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on FTNT shares. Mizuho set a $118.00 price objective on shares of Fortinet in a research note on Thursday. Stephens raised their price target on Fortinet from $160.00 to $165.00 and gave the stock an “equal weight” rating in a report on Thursday, July 30th. Stifel Nicolaus dropped their price objective on Fortinet from $175.00 to $140.00 and set a “hold” rating on the stock in a report on Thursday. HC Wainwright restated a “buy” rating on shares of Fortinet in a research note on Thursday, July 30th. Finally, Piper Sandler set a $140.00 price target on Fortinet and gave the company a “neutral” rating in a research report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty-four have assigned a Hold rating and six have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $147.94.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $136.08 on Monday. The stock’s 50-day moving average is $171.34 and its 200 day moving average is $128.28. Fortinet, Inc. has a 1 year low of $73.55 and a 1 year high of $197.13. The company has a market cap of $99.84 billion, a PE ratio of 44.18, a P/E/G ratio of 2.63 and a beta of 1.04. 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 posted 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. The business had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.06 billion. Fortinet had a return on equity of 152.72% and a net margin of 28.96%. The business’s revenue was up 20.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.74 EPS. Sell-side analysts anticipate that Fortinet, Inc. will post 3.19 EPS for the current year.

Insider Activity

In other news, COO John Whittle sold 53,865 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $165.44, for a total value of $8,911,425.60. Following the transaction, the chief operating officer owned 96,987 shares in the company, valued at approximately $16,045,529.28. This represents a 35.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.60% of the stock is currently owned by corporate insiders.

Fortinet Profile

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.