Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Insigneo Advisory Services LLC

Insigneo Advisory Services LLC lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 16.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,804 shares of the software maker’s stock after acquiring an additional 550 shares during the period. Insigneo Advisory Services LLC’s holdings in Fortinet were worth $211,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in FTNT. Price T Rowe Associates Inc. MD boosted its stake in shares of Fortinet by 664.8% during the 1st 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 in the last quarter. Swedbank AB acquired a new stake in shares of Fortinet during the 1st quarter worth approximately $548,013,000. Marshall Wace LLP increased its holdings in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after buying an additional 2,802,446 shares during the last quarter. Finally, Sarasin & Partners LLP acquired a new stake in Fortinet in the 1st quarter valued at approximately $120,746,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In related news, 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 transaction of $1,386,590.32. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 transaction of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,693 shares of the stock in a transaction on Wednesday, August 14th. The shares were 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 owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The disclosure for this sale can be found here. In the last three months, insiders sold 96,210 shares of company stock valued at $6,337,801. Corporate insiders own 18.00% of the company’s stock.

Fortinet Price Performance

FTNT opened at $77.45 on Friday. The company has a fifty day simple moving average of $70.70 and a 200 day simple moving average of $65.46. The firm has a market cap of $59.24 billion, a price-to-earnings ratio of 50.62, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $78.18. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last released 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. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business’s revenue was up 10.9% on a year-over-year basis. During the same period last year, the business earned $0.31 EPS. Equities research analysts expect that Fortinet, Inc. will post 1.72 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on FTNT. UBS Group lifted their target price on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Piper Sandler raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a research note on Thursday, August 8th. Finally, Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Twenty-three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $71.57.

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.