Ieq Capital LLC Has $32.39 Million Holdings in Fortinet, Inc. $FTNT

Ieq Capital LLC increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 39.5% during the first quarter, HoldingsChannel reports. The fund owned 336,464 shares of the software maker’s stock after acquiring an additional 95,196 shares during the quarter. Ieq Capital LLC’s holdings in Fortinet were worth $32,388,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ritholtz Wealth Management increased its stake in Fortinet by 38.4% in the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker’s stock valued at $654,000 after buying an additional 1,885 shares during the last quarter. Gould Capital LLC purchased a new stake in Fortinet in the 1st quarter valued at about $908,000. Dynamic Advisor Solutions LLC purchased a new stake in Fortinet in the 1st quarter valued at about $216,000. Wealth Enhancement Advisory Services LLC increased its stake in Fortinet by 40.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker’s stock valued at $12,650,000 after buying an additional 38,080 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Fortinet by 14.9% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker’s stock valued at $11,763,000 after buying an additional 16,139 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Royal Bank Of Canada reduced their target price on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a research report on Thursday, August 7th. Barclays cut their price objective on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday, August 7th. Erste Group Bank downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. Mizuho cut their price objective on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a report on Thursday, August 7th. Finally, Morgan Stanley downgraded shares of Fortinet from an “overweight” rating to a “reduce” rating and cut their price objective for the stock from $110.00 to $78.00 in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $97.40.

Insider Buying and Selling

In other Fortinet news, Director William H. Neukom bought 335 shares of the firm’s stock in a transaction that occurred on Friday, June 6th. The shares were bought at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director directly owned 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Performance

Fortinet stock opened at $77.65 on Wednesday. The firm’s fifty day moving average price is $95.99 and its 200-day moving average price is $99.72. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The stock has a market cap of $59.50 billion, a P/E ratio of 30.94, a price-to-earnings-growth ratio of 2.94 and a beta of 1.07. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter last year, the company posted $0.57 EPS. On average, equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

About Fortinet

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.