National Pension Service Grows Stake in Fortinet, Inc. (NASDAQ:FTNT)

National Pension Service raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 14.8% during the 3rd quarter, HoldingsChannel reports. The firm owned 1,905,403 shares of the software maker’s stock after acquiring an additional 244,988 shares during the quarter. National Pension Service’s holdings in Fortinet were worth $147,764,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet during the first quarter worth about $25,000. Eastern Bank acquired a new position in shares of Fortinet during the third quarter worth approximately $25,000. Private Wealth Management Group LLC boosted its position in shares of Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the period. Oakworth Capital Inc. acquired a new position in shares of Fortinet during the second quarter worth approximately $33,000. Finally, Versant Capital Management Inc raised its holdings in Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 0.1 %

Shares of Fortinet stock opened at $78.84 on Tuesday. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The business’s 50 day simple moving average is $78.06 and its 200-day simple moving average is $67.52. The stock has a market capitalization of $60.31 billion, a price-to-earnings ratio of 46.65, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $47.66 and a twelve month high of $83.77.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period last year, the firm earned $0.31 EPS. The firm’s revenue was up 10.9% compared to the same quarter last year. Equities research analysts forecast that Fortinet, Inc. will post 1.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Morgan Stanley dropped their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Truist Financial boosted their target price on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. TD Cowen boosted their price target on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Scotiabank upped their price objective on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $74.68.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction 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 completion of the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 70,538 shares of company stock valued at $5,403,559 in 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.