Machina Capital S.A.S. Acquires 7,363 Shares of Fortinet, Inc. $FTNT

Machina Capital S.A.S. acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 7,363 shares of the software maker’s stock, valued at approximately $1,316,000.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Fortinet in the second quarter valued at $9,561,650,000. Bank of New York Mellon Corp purchased a new position in shares of Fortinet during the 2nd quarter worth about $1,432,842,000. Legal & General Group Plc purchased a new position in shares of Fortinet during the 2nd quarter worth about $979,062,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Fortinet by 87.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 9,651,024 shares of the software maker’s stock worth $788,682,000 after purchasing an additional 4,500,194 shares during the period. Finally, Bank of America Corp DE bought a new position in Fortinet during the 2nd quarter valued at about $656,852,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $129.54 on Friday. The stock has a market cap of $95.17 billion, a price-to-earnings ratio of 42.06, a price-to-earnings-growth ratio of 2.46 and a beta of 1.04. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.40 and a quick ratio of 1.28. Fortinet, Inc. has a 1 year low of $73.55 and a 1 year high of $197.13. The firm has a 50-day moving average of $165.06 and a two-hundred day moving average of $130.42.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, October 28th. The software maker reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same period last year, the company posted $0.74 earnings per share. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. On average, research analysts forecast that Fortinet, Inc. will post 3.21 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on FTNT shares. Rosenblatt Securities reduced their price objective on shares of Fortinet from $195.00 to $175.00 and set a “buy” rating on the stock in a research report on Thursday, October 29th. BMO Capital Markets upped their target price on Fortinet from $170.00 to $185.00 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Robert W. Baird set a $165.00 price target on Fortinet and gave the stock a “neutral” rating in a report on Thursday, July 30th. Wells Fargo & Company dropped their price objective on Fortinet from $160.00 to $115.00 and set an “underweight” rating for the company in a report on Friday, October 30th. Finally, Weiss Ratings downgraded Fortinet from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, November 3rd. Eleven analysts have rated the stock with a Buy rating, twenty-four have assigned a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $150.44.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 161,483 shares of the company’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $129.31, for a total value of $20,881,366.73. Following the completion of the sale, the chief executive officer directly owned 52,972,372 shares in the company, valued at approximately $6,849,857,423.32. This represents a 0.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Michael Xie sold 3,121 shares of the company’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $129.49, for a total value of $404,138.29. Following the completion of the sale, the vice president owned 9,918,360 shares of the company’s stock, valued at $1,284,328,436.40. This represents a 0.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 221,304 shares of company stock worth $30,675,309 in the last ninety days. 17.60% of the stock is owned by company insiders.

Fortinet Company Profile

Fortinet, Inc. is a cybersecurity and networking company that provides products and services to help organizations protect their networks, devices, applications, and cloud environments. Its offerings include FortiGate next-generation firewalls, the FortiOS operating system, and security, endpoint, cloud, and secure access service edge (SASE) solutions. The company’s Security Fabric platform is designed to integrate security and networking products and support centralized visibility and management.