Fortinet, Inc. (NASDAQ:FTNT) Holdings Raised by IFM Investors Pty Ltd

IFM Investors Pty Ltd increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.0% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 135,537 shares of the software maker’s stock after purchasing an additional 1,344 shares during the period. IFM Investors Pty Ltd’s holdings in Fortinet were worth $10,511,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in FTNT. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet during the 1st quarter worth approximately $25,000. Eastern Bank bought a new position in Fortinet during the 3rd quarter worth $25,000. Oakworth Capital Inc. acquired a new stake in Fortinet in the second quarter worth $33,000. Versant Capital Management Inc lifted its stake in Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after buying an additional 238 shares during the last quarter. Finally, City State Bank boosted its holdings in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 0.3 %

Fortinet stock opened at $80.62 on Friday. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $83.77. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The firm has a market capitalization of $61.59 billion, a price-to-earnings ratio of 52.69, a P/E/G ratio of 2.84 and a beta of 1.00. The company has a 50 day moving average price of $77.52 and a 200 day moving average price of $66.98.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. Fortinet’s revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.31 earnings per share. Research analysts forecast that Fortinet, Inc. will post 1.74 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Mizuho downgraded shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a research report on Thursday, October 17th. Cantor Fitzgerald boosted their price objective on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Robert W. Baird raised their target price on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. Finally, UBS Group raised their price target on Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $73.25.

Insider Activity

In related news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,250 shares of company stock worth $6,790,149 in the last 90 days. Company 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.