Simmons Bank Has $3.82 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Simmons Bank decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 40,447 shares of the software maker’s stock after selling 715 shares during the period. Simmons Bank’s holdings in Fortinet were worth $3,821,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new position in Fortinet during the third quarter worth $26,000. Private Wealth Management Group LLC raised its holdings in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at about $46,000. R Squared Ltd purchased a new stake in shares of Fortinet in the fourth quarter valued at about $65,000. Finally, Venturi Wealth Management LLC raised its holdings in shares of Fortinet by 30.6% in the fourth quarter. Venturi Wealth Management LLC now owns 696 shares of the software maker’s stock valued at $66,000 after purchasing an additional 163 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 0.9 %

Shares of Fortinet stock opened at $109.02 on Thursday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The firm has a market cap of $83.56 billion, a PE ratio of 48.24, a PEG ratio of 4.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.47 and a quick ratio of 1.39. The company has a 50 day simple moving average of $100.85 and a two-hundred day simple moving average of $89.36.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.07. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. Analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director William H. Neukom bought 355 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average cost of $98.50 per share, with a total value of $34,967.50. Following the completion of the purchase, the director now directly owns 150,245 shares in the company, valued at $14,799,132.50. This represents a 0.24 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CFO Keith Jensen sold 23,500 shares of Fortinet stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total transaction of $2,668,660.00. Following the completion of the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. The trade was a 83.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 69,460 shares of company stock valued at $7,063,290. 18.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

FTNT has been the subject of several analyst reports. Piper Sandler reiterated an “overweight” rating and issued a $135.00 target price (up previously from $120.00) on shares of Fortinet in a report on Friday, February 7th. Rosenblatt Securities increased their target price on shares of Fortinet from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, February 7th. Scotiabank increased their target price on shares of Fortinet from $115.00 to $135.00 and gave the company a “sector outperform” rating in a report on Friday, February 7th. Wedbush increased their target price on shares of Fortinet from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. Finally, Jefferies Financial Group increased their target price on shares of Fortinet from $95.00 to $105.00 and gave the company a “hold” rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $103.72.

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.