Bank OZK Sells 1,216 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Bank OZK decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,979 shares of the software maker’s stock after selling 1,216 shares during the period. Fortinet makes up 1.5% of Bank OZK’s investment portfolio, making the stock its 13th largest holding. Bank OZK’s holdings in Fortinet were worth $3,101,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently modified their holdings of the stock. DAVENPORT & Co LLC boosted its stake in Fortinet by 14.6% during the third quarter. DAVENPORT & Co LLC now owns 10,514 shares of the software maker’s stock worth $617,000 after acquiring an additional 1,340 shares in the last quarter. Czech National Bank boosted its stake in Fortinet by 47.7% during the third quarter. Czech National Bank now owns 113,926 shares of the software maker’s stock worth $6,685,000 after acquiring an additional 36,777 shares in the last quarter. Handelsbanken Fonder AB boosted its stake in Fortinet by 1.5% during the third quarter. Handelsbanken Fonder AB now owns 201,395 shares of the software maker’s stock worth $11,818,000 after acquiring an additional 3,032 shares in the last quarter. U.S. Capital Wealth Advisors LLC boosted its stake in Fortinet by 9.5% during the third quarter. U.S. Capital Wealth Advisors LLC now owns 8,016 shares of the software maker’s stock worth $470,000 after acquiring an additional 697 shares in the last quarter. Finally, KG&L Capital Management LLC boosted its stake in Fortinet by 25.5% during the third quarter. KG&L Capital Management LLC now owns 4,368 shares of the software maker’s stock worth $256,000 after acquiring an additional 888 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT traded up $0.15 during mid-day trading on Friday, reaching $64.18. The stock had a trading volume of 4,138,352 shares, compared to its average volume of 4,170,089. The firm has a market cap of $48.97 billion, a price-to-earnings ratio of 44.26, a PEG ratio of 2.84 and a beta of 1.08. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The business has a fifty day moving average of $67.96 and a 200 day moving average of $61.75. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company’s revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.38 earnings per share. Equities analysts predict that Fortinet, Inc. will post 1.39 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock worth $8,977,876 over the last three months. 17.54% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several research reports. Morgan Stanley boosted their price objective on shares of Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 7th. Piper Sandler reaffirmed a “neutral” rating and issued a $75.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. Scotiabank lifted their target price on shares of Fortinet from $70.00 to $90.00 and gave the stock a “sector outperform” rating in a report on Wednesday, February 7th. Finally, Capital One Financial cut shares of Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 17th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Fortinet has an average rating of “Hold” and an average target price of $72.19.

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.