Cornerstone Enterprises LLC Has $664,000 Position in Fortinet, Inc. $FTNT

Cornerstone Enterprises LLC boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 25.2% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 6,283 shares of the software maker’s stock after acquiring an additional 1,265 shares during the quarter. Fortinet accounts for approximately 0.4% of Cornerstone Enterprises LLC’s portfolio, making the stock its 23rd largest position. Cornerstone Enterprises LLC’s holdings in Fortinet were worth $664,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of FTNT. Vanguard Group Inc. lifted its holdings in Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after buying an additional 3,546,934 shares during the period. AQR Capital Management LLC lifted its holdings in Fortinet by 40.9% in the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after buying an additional 1,733,670 shares during the period. Nuveen LLC acquired a new stake in Fortinet in the first quarter worth $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Fortinet by 17.1% in the first 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 worth $675,405,000 after purchasing an additional 1,026,277 shares during the period. Finally, AustralianSuper Pty Ltd raised its holdings in Fortinet by 127.6% in the first quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker’s stock worth $144,038,000 after purchasing an additional 839,028 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Citigroup reiterated a “neutral” rating and issued a $85.00 target price (down from $110.00) on shares of Fortinet in a report on Monday, August 18th. Royal Bank Of Canada cut their target price on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a report on Thursday, August 7th. Barclays cut their target price on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday, August 7th. Erste Group Bank lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. Finally, Truist Financial cut their target price on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $97.03.

Insiders Place Their Bets

In related news, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction on Monday, August 4th. The shares were 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 trade represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

Fortinet Trading Up 1.8%

Shares of NASDAQ:FTNT opened at $86.46 on Thursday. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The company’s fifty day simple moving average is $82.28 and its 200 day simple moving average is $94.82. The firm has a market cap of $66.25 billion, a price-to-earnings ratio of 34.45, a PEG ratio of 3.20 and a beta of 1.09.

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

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.