Aigen Investment Management LP Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Aigen Investment Management LP acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 11,702 shares of the software maker’s stock, valued at approximately $1,126,000.

A number of other hedge funds also recently made changes to their positions in FTNT. Eagle Capital Management LLC boosted its position in Fortinet by 1.6% in the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker’s stock valued at $2,473,000 after buying an additional 404 shares during the last quarter. Brighton Jones LLC lifted its position in shares of Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after purchasing an additional 221 shares in the last quarter. Argent Trust Co acquired a new position in shares of Fortinet during the 4th quarter worth about $231,000. Sterling Capital Management LLC increased its position in shares of Fortinet by 6.8% during the 4th quarter. Sterling Capital Management LLC now owns 22,259 shares of the software maker’s stock worth $2,103,000 after purchasing an additional 1,413 shares during the last quarter. Finally, Townsquare Capital LLC raised its stake in shares of Fortinet by 384.6% during the 4th quarter. Townsquare Capital LLC now owns 53,701 shares of the software maker’s stock worth $5,074,000 after purchasing an additional 42,619 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of research reports. Rosenblatt Securities reiterated a “neutral” rating and issued a $85.00 price target (down previously from $125.00) on shares of Fortinet in a research note on Thursday. Evercore ISI cut their price objective on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research report on Friday. Robert W. Baird lifted their price objective on shares of Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Roth Capital set a $103.00 price target on shares of Fortinet and gave the company a “neutral” rating in a research note on Tuesday, April 22nd. Finally, KeyCorp cut Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $97.93.

Fortinet Trading Down 1.2%

Shares of FTNT stock opened at $74.39 on Monday. The business has a 50-day moving average of $101.76 and a 200 day moving average of $101.65. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. Fortinet, Inc. has a 1-year low of $67.97 and a 1-year high of $114.82. The stock has a market capitalization of $56.94 billion, a PE ratio of 29.64, a P/E/G ratio of 2.50 and a beta of 1.07.

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

Insider Activity

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

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.