Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC lifted its stake in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 38.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,869 shares of the software maker’s stock after buying an additional 5,804 shares during the period. Gateway Investment Advisers LLC’s holdings in Fortinet were worth $1,426,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Massmutual Trust Co. FSB ADV boosted its stake in Fortinet by 22.4% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after purchasing an additional 180 shares during the period. Buckhead Capital Management LLC grew its holdings in Fortinet by 0.6% in the 4th quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock worth $1,764,000 after buying an additional 187 shares in the last quarter. STF Management LP increased its position in Fortinet by 1.5% in the 4th quarter. STF Management LP now owns 12,917 shares of the software maker’s stock valued at $756,000 after acquiring an additional 187 shares during the period. Johnson Investment Counsel Inc. increased its position in Fortinet by 1.0% in the 4th quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker’s stock valued at $1,211,000 after acquiring an additional 200 shares during the period. Finally, Quadrant Capital Group LLC raised its stake in Fortinet by 2.1% during the 4th quarter. Quadrant Capital Group LLC now owns 9,804 shares of the software maker’s stock valued at $574,000 after acquiring an additional 202 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Wedbush reissued an “outperform” rating and issued a $78.00 price target on shares of Fortinet in a research note on Wednesday, May 22nd. Barclays lowered their target price on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Friday, May 3rd. Scotiabank reduced their price target on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research note on Friday, May 3rd. BMO Capital Markets lowered their price objective on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a research note on Friday, May 3rd. Finally, Piper Sandler cut their target price on Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $70.03.

Read Our Latest Stock Report on FTNT

Fortinet Stock Performance

FTNT stock opened at $58.69 on Wednesday. The stock has a market cap of $44.84 billion, a P/E ratio of 38.36, a P/E/G ratio of 2.85 and a beta of 0.98. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20. The firm has a 50 day simple moving average of $60.86 and a 200 day simple moving average of $63.68. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24.

Fortinet (NASDAQ:FTNTGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the prior year, the business posted $0.29 earnings per share. Fortinet’s revenue for the quarter was up 7.2% compared to the same quarter last year. Research analysts anticipate that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Keith Jensen sold 18,701 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the transaction, the chief financial officer now owns 4,663 shares of the company’s stock, valued at $278,287.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 18,701 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the transaction, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The disclosure for this sale can be found here. Insiders sold a total of 91,638 shares of company stock worth $5,705,568 in the last three months. 18.00% of the stock is owned by insiders.

Fortinet Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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