Fortinet, Inc. $FTNT Shares Acquired by Anchor Investment Management LLC

Anchor Investment Management LLC raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,153 shares of the software maker’s stock after purchasing an additional 816 shares during the quarter. Anchor Investment Management LLC’s holdings in Fortinet were worth $4,154,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. SageView Advisory Group LLC increased its stake in Fortinet by 3.5% during the 1st quarter. SageView Advisory Group LLC now owns 3,166 shares of the software maker’s stock valued at $305,000 after purchasing an additional 108 shares in the last quarter. Alaethes Wealth LLC boosted its holdings in shares of Fortinet by 0.7% in the 1st quarter. Alaethes Wealth LLC now owns 26,075 shares of the software maker’s stock valued at $2,510,000 after acquiring an additional 183 shares during the last quarter. SCS Capital Management LLC purchased a new stake in shares of Fortinet in the 1st quarter valued at $643,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Fortinet by 17.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after acquiring an additional 1,026,277 shares during the last quarter. Finally, McIlrath & Eck LLC boosted its holdings in shares of Fortinet by 116.5% in the 1st quarter. McIlrath & Eck LLC now owns 2,477 shares of the software maker’s stock valued at $238,000 after acquiring an additional 1,333 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Down 0.6%

Shares of NASDAQ:FTNT opened at $79.84 on Wednesday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $61.18 billion, a PE ratio of 31.81, a P/E/G ratio of 3.04 and a beta of 1.13. The firm has a 50 day simple moving average of $91.12 and a 200-day simple moving average of $97.45. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 EPS. On average, equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on FTNT shares. JPMorgan Chase & Co. lowered their price target on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. UBS Group lowered their price target on shares of Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. KeyCorp downgraded shares of Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 7th. Stifel Nicolaus lowered their price target on shares of Fortinet from $95.00 to $85.00 and set a “hold” rating on the stock in a report on Thursday, August 7th. Finally, BMO Capital Markets decreased their price objective on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $97.03.

Fortinet 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.