Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by International Assets Investment Management LLC

International Assets Investment Management LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 5,645.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 266,312 shares of the software maker’s stock after purchasing an additional 261,677 shares during the quarter. International Assets Investment Management LLC’s holdings in Fortinet were worth $15,587,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Headinvest LLC purchased a new position in shares of Fortinet in the 3rd quarter worth $29,000. Atwood & Palmer Inc. acquired a new position in shares of Fortinet during the fourth quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Fortinet in the third quarter valued at $37,000. CVA Family Office LLC acquired a new stake in Fortinet during the 4th quarter valued at $46,000. Finally, Platinum Investment Management Ltd. purchased a new stake in Fortinet during the 3rd quarter worth $53,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $58.88 on Friday. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The firm’s 50 day moving average is $67.53 and its two-hundred day moving average is $61.90. The firm has a market capitalization of $44.94 billion, a P/E ratio of 38.48, a PEG ratio of 2.89 and a beta of 1.08. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the business earned $0.29 EPS. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. Analysts anticipate that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the transaction, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at approximately $3,578,767,976.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 46,084 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The disclosure for this sale can be found here. Insiders sold 118,480 shares of company stock valued at $8,021,556 over the last 90 days. 17.54% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FTNT. The Goldman Sachs Group raised their target price on Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, February 8th. Sanford C. Bernstein started coverage on Fortinet in a report on Thursday, January 18th. They set a “market perform” rating and a $65.00 price objective on the stock. Piper Sandler reduced their target price on Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a research note on Friday. Jefferies Financial Group dropped their price target on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research note on Thursday, April 18th. Finally, DZ Bank downgraded shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price objective on the stock. in a research note on Thursday, February 8th. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus price target of $70.68.

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.