Fortinet, Inc. (NASDAQ:FTNT) Stake Boosted by Inscription Capital LLC

Inscription Capital LLC raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 23.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,180 shares of the software maker’s stock after buying an additional 790 shares during the quarter. Inscription Capital LLC’s holdings in Fortinet were worth $324,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its position in shares of Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after acquiring an additional 30,542,551 shares in the last quarter. Swedbank AB purchased a new stake in shares of Fortinet in the first quarter valued at $548,013,000. Marshall Wace LLP boosted its position in shares of Fortinet by 198.5% in the second 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 period. Van ECK Associates Corp grew its holdings in shares of Fortinet by 94.9% during 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 buying an additional 2,802,446 shares in the last quarter. Finally, Bessemer Group Inc. raised its position in Fortinet by 102.5% during the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock valued at $224,344,000 after buying an additional 1,662,156 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction dated 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 approximately $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,250 shares of company stock worth $6,790,149. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Performance

FTNT opened at $80.76 on Tuesday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The stock’s 50 day moving average price is $77.76 and its two-hundred day moving average price is $67.13. The firm has a market capitalization of $61.77 billion, a P/E ratio of 47.78, a price-to-earnings-growth ratio of 2.92 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $83.77.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the company posted $0.31 earnings per share. Fortinet’s quarterly revenue was up 10.9% on a year-over-year basis. On average, equities analysts forecast that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on FTNT. Robert W. Baird raised their price objective on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research 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. UBS Group increased their target price on shares of Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus price target of $73.25.

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.