PDS Planning Inc Acquires 358 Shares of Fortinet, Inc. $FTNT

PDS Planning Inc grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,131 shares of the software maker’s stock after purchasing an additional 358 shares during the period. PDS Planning Inc’s holdings in Fortinet were worth $437,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in FTNT. Vanguard Group Inc. lifted its stake in Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after purchasing an additional 3,546,934 shares during the last quarter. AQR Capital Management LLC lifted its stake in Fortinet by 40.9% during the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock worth $561,156,000 after purchasing an additional 1,733,670 shares during the last quarter. Nuveen LLC bought a new stake in Fortinet during the first quarter worth about $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Fortinet by 17.1% during 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 last quarter. Finally, AustralianSuper Pty Ltd lifted its stake in Fortinet by 127.6% during 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 last quarter. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Morgan Stanley reaffirmed an “underweight” rating and set a $67.00 price target (down previously from $78.00) on shares of Fortinet in a research note on Tuesday, September 2nd. Cantor Fitzgerald lifted their price target on Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 16th. BMO Capital Markets dropped their price target on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research note on Thursday, August 7th. Wedbush lowered their target price on Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. Finally, Mizuho lowered their target price on Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $97.03.

Fortinet Trading Down 3.6%

NASDAQ FTNT opened at $83.06 on Friday. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. 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 stock has a 50-day moving average of $81.72 and a 200-day moving average of $94.55. The firm has a market cap of $63.64 billion, a PE ratio of 33.09, a price-to-earnings-growth ratio of 3.13 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The business 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.57 EPS. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling

In other Fortinet 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 transaction of $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 transaction, the vice president directly owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.

Fortinet Company 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.