Optas LLC Takes Position in Fortinet, Inc. $FTNT

Optas LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,196 shares of the software maker’s stock, valued at approximately $232,000.

Several other institutional investors and hedge funds have also modified their holdings of FTNT. Saudi Central Bank acquired a new position in shares of Fortinet in the 1st quarter valued at about $25,000. Clearstead Trust LLC acquired a new position in shares of Fortinet in the 1st quarter valued at about $28,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after buying an additional 284 shares during the period. ORG Partners LLC lifted its holdings in shares of Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after buying an additional 112 shares during the period. Finally, EQ Wealth Advisors LLC acquired a new position in shares of Fortinet in the 1st quarter valued at about $35,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ:FTNT opened at $83.06 on Friday. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The stock has a 50 day moving average of $81.72 and a two-hundred day moving average of $94.60. 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 firm has a market cap of $63.64 billion, a P/E ratio of 33.09, a price-to-earnings-growth ratio of 3.25 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last posted 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 company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.Fortinet’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.57 EPS. On average, analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FTNT. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a report on Wednesday. Scotiabank cut their price target on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 7th. Wall Street Zen lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Cowen lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 7th. Finally, TD Cowen restated a “hold” rating and issued a $105.00 price target on shares of Fortinet in a research note 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 assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $97.03.

Insider Buying and Selling

In other news, CEO Ken Xie sold 158,486 shares of the company’s 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 $15,607,701.28. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 476,596 shares of the company’s 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 $46,935,174.08. Following the completion of the sale, the vice president 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 ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

About Fortinet

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.