Fortinet, Inc. (NASDAQ:FTNT – Get Rating)’s stock is set to split before the market opens on Thursday, June 23rd. The 5-1 split was announced on Thursday, June 9th. The newly minted shares will be issued to shareholders after the market closes on Wednesday, June 22nd.

FTNT opened at $288.31 on Friday. The stock’s 50 day simple moving average is $301.33 and its 200-day simple moving average is $312.24. Fortinet has a 1 year low of $227.11 and a 1 year high of $371.77. The stock has a market cap of $46.28 billion, a PE ratio of 75.47, a P/E/G ratio of 4.40 and a beta of 1.21. The company has a current ratio of 1.28, a quick ratio of 1.20 and a debt-to-equity ratio of 4.24.

Fortinet (NASDAQ:FTNT – Get Rating) last released its earnings results on Wednesday, May 4th. The software maker reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.34. The firm had revenue of $954.80 million for the quarter, compared to analyst estimates of $886.45 million. Fortinet had a return on equity of 67.94% and a net margin of 17.79%. The company’s quarterly revenue was up 34.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Equities analysts forecast that Fortinet will post 3.79 earnings per share for the current fiscal year.

A number of brokerages have recently issued reports on FTNT. Wells Fargo & Company boosted their price objective on Fortinet from $360.00 to $400.00 in a research note on Thursday, May 5th. The Goldman Sachs Group increased their price objective on Fortinet from $362.00 to $390.00 in a report on Tuesday, April 12th. Deutsche Bank Aktiengesellschaft dropped their target price on Fortinet from $320.00 to $300.00 in a research report on Wednesday, May 11th. KeyCorp lowered their price objective on Fortinet from $410.00 to $353.00 in a research report on Wednesday, May 11th. Finally, Bank of America downgraded Fortinet from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $385.00 to $355.00 in a research report on Friday, March 25th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Buy” and a consensus price target of $356.55.

In other news, VP Michael Xie sold 1,653 shares of the business’s stock in a transaction that occurred on Monday, May 9th. The shares were sold at an average price of $248.85, for a total value of $411,349.05. Following the sale, the vice president now directly owns 5,954,424 shares of the company’s stock, valued at approximately $1,481,758,412.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John Whittle sold 1,704 shares of the business’s stock in a transaction that occurred on Monday, March 21st. The shares were sold at an average price of $315.50, for a total transaction of $537,612.00. The disclosure for this sale can be found here. Insiders have sold 12,569 shares of company stock worth $3,565,203 over the last ninety days. 18.60% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in FTNT. Norges Bank acquired a new position in shares of Fortinet in the fourth quarter valued at approximately $367,905,000. Two Sigma Advisers LP grew its holdings in shares of Fortinet by 225.0% in the third quarter. Two Sigma Advisers LP now owns 818,244 shares of the software maker’s stock valued at $238,960,000 after purchasing an additional 566,500 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Fortinet by 4.1% in the fourth quarter. BlackRock Inc. now owns 11,668,040 shares of the software maker’s stock valued at $4,193,491,000 after purchasing an additional 460,972 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Fortinet by 63.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 776,449 shares of the software maker’s stock valued at $265,344,000 after purchasing an additional 300,614 shares in the last quarter. Finally, Neuberger Berman Group LLC grew its holdings in Fortinet by 5,440.8% during the 1st quarter. Neuberger Berman Group LLC now owns 298,430 shares of the software maker’s stock worth $101,987,000 after acquiring an additional 293,044 shares in the last quarter. 67.47% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Company Profile (Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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