Evergreen Capital Management LLC Has $396,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Evergreen Capital Management LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 5.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,571 shares of the software maker’s stock after acquiring an additional 360 shares during the quarter. Evergreen Capital Management LLC’s holdings in Fortinet were worth $396,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after purchasing an additional 779,271 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after acquiring an additional 30,542,551 shares during the last quarter. Swedbank AB lifted its stake in shares of Fortinet by 1.7% during the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after acquiring an additional 134,366 shares during the period. Van ECK Associates Corp boosted its holdings in Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after acquiring an additional 2,802,446 shares during the last quarter. Finally, Renaissance Technologies LLC increased its position in Fortinet by 15.0% in the second quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock worth $302,941,000 after purchasing an additional 657,400 shares during the period. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Morgan Stanley cut their target price on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. Hsbc Global Res raised shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. JPMorgan Chase & Co. raised their price target on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Finally, Citigroup upped their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $71.57.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,210 shares of company stock worth $6,337,801. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $77.21 on Friday. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The business has a 50-day moving average of $70.32 and a 200-day moving average of $65.41. The stock has a market capitalization of $59.06 billion, a price-to-earnings ratio of 50.46, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.18.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the company earned $0.31 earnings per share. The business’s revenue was up 10.9% compared to the same quarter last year. As a group, sell-side analysts predict that Fortinet, Inc. will post 1.72 earnings per share for the current fiscal year.

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.