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

Intech Investment Management LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 264.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 141,597 shares of the software maker’s stock after purchasing an additional 102,697 shares during the quarter. Intech Investment Management LLC’s holdings in Fortinet were worth $8,288,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Headinvest LLC acquired a new stake in shares of Fortinet during the 3rd quarter worth about $29,000. Atwood & Palmer Inc. purchased a new position in Fortinet during the 4th quarter valued at about $29,000. American National Bank boosted its holdings in Fortinet by 443.6% during the 4th quarter. American National Bank now owns 598 shares of the software maker’s stock valued at $35,000 after acquiring an additional 488 shares during the period. Annis Gardner Whiting Capital Advisors LLC purchased a new position in Fortinet during the 3rd quarter valued at about $37,000. Finally, Rakuten Securities Inc. purchased a new position in Fortinet during the 4th quarter valued at about $43,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FTNT has been the subject of several recent research reports. BMO Capital Markets decreased their price objective on Fortinet from $82.00 to $70.00 and set a “market perform” rating for the company in a research note on Friday, May 3rd. Daiwa Capital Markets upgraded Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective for the company in a research note on Tuesday, February 13th. Mizuho cut their target price on Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Evercore ISI cut their target price on Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research report on Friday, May 3rd. Finally, Truist Financial cut their target price on Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $70.10.

Fortinet Price Performance

FTNT traded up $0.42 during trading on Friday, reaching $61.35. 2,653,983 shares of the stock were exchanged, compared to its average volume of 6,588,135. The business’s 50 day moving average price is $64.61 and its two-hundred day moving average price is $62.43. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.20 and a quick ratio of 1.08. The company has a market capitalization of $46.87 billion, a price-to-earnings ratio of 40.10, a P/E/G ratio of 3.02 and a beta of 1.08. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24.

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

Insider Activity

In other news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related 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 transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the transaction, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders have sold 72,396 shares of company stock worth $4,838,534 over the last three months. 18.00% of the stock is currently owned by corporate insiders.

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.