Fidelis Capital Partners LLC Invests $195,000 in Fortinet, Inc. (NASDAQ:FTNT)

Fidelis Capital Partners LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,849 shares of the software maker’s stock, valued at approximately $195,000.

Several other large investors have also modified their holdings of the stock. TFO Wealth Partners LLC raised its stake in Fortinet by 72,668.0% during the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after acquiring an additional 18,167 shares during the period. Vontobel Holding Ltd. raised its stake in Fortinet by 7.3% during the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after acquiring an additional 34,582 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its stake in Fortinet by 2,092.4% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after acquiring an additional 38,751 shares during the period. LGT Group Foundation raised its stake in Fortinet by 14.4% during the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock worth $44,478,000 after acquiring an additional 94,475 shares during the period. Finally, Alamar Capital Management LLC raised its stake in Fortinet by 12.5% during the third quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock worth $3,743,000 after acquiring an additional 7,110 shares during the period. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FTNT. Morgan Stanley dropped their price target on shares of Fortinet from $81.00 to $73.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Sunday, June 30th. Evercore ISI dropped their price target on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research note on Friday, May 3rd. Truist Financial dropped their price target on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Finally, HSBC dropped their price target on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research note on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus target price of $70.03.

Check Out Our Latest Research Report on Fortinet

Fortinet Stock Performance

Fortinet stock opened at $60.11 on Tuesday. The company has a 50 day moving average price of $60.12 and a 200 day moving average price of $63.91. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The firm has a market capitalization of $45.92 billion, a price-to-earnings ratio of 39.29, a P/E/G ratio of 2.98 and a beta of 0.98.

Fortinet (NASDAQ:FTNTGet Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS 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 firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter last year, the business posted $0.29 EPS. The company’s revenue was up 7.2% on a year-over-year basis. Equities analysts forecast that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 24,235 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the sale, the chief executive officer now owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director William H. Neukom bought 586 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was bought at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now directly owns 295,778 shares in the company, valued at $17,613,579.90. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 24,235 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the sale, the chief executive officer now owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. 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 quarter. 18.00% of the stock is currently owned by corporate 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.

Further Reading

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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