Rovin Capital UT ADV Grows Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Rovin Capital UT ADV lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 35.0% during the third quarter, HoldingsChannel.com reports. The fund owned 6,116 shares of the software maker’s stock after acquiring an additional 1,587 shares during the period. Rovin Capital UT ADV’s holdings in Fortinet were worth $474,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Forsta AP Fonden lifted its stake in Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares in the last quarter. Sarasin & Partners LLP boosted its holdings in Fortinet by 22.4% in the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after purchasing an additional 395,477 shares during the last quarter. Cetera Investment Advisers boosted its holdings in Fortinet by 543.5% in the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock valued at $10,765,000 after purchasing an additional 132,871 shares during the last quarter. Sei Investments Co. increased its holdings in shares of Fortinet by 10.5% during the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after buying an additional 13,178 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Fortinet by 29.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock valued at $11,829,000 after buying an additional 34,727 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In the last ninety days, insiders sold 70,538 shares of company stock valued at $5,403,559. 18.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

FTNT has been the topic of a number of research analyst reports. Susquehanna lifted their target price on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. UBS Group upped their target price on shares of Fortinet from $70.00 to $83.00 and gave the company a “neutral” rating in a research report on Friday. Raymond James upped their price objective on shares of Fortinet from $85.00 to $95.00 and gave the stock an “outperform” rating in a report on Friday. Wells Fargo & Company upped their price target on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Finally, Royal Bank of Canada boosted their price objective on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $77.72.

Fortinet Stock Performance

Shares of Fortinet stock opened at $92.04 on Friday. The firm’s fifty day simple moving average is $78.74 and its 200-day simple moving average is $68.13. Fortinet, Inc. has a 12 month low of $49.63 and a 12 month high of $92.53. The stock has a market capitalization of $70.40 billion, a price-to-earnings ratio of 54.46, a PEG ratio of 2.85 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.31 earnings per share. As a group, equities analysts forecast that Fortinet, Inc. will post 1.75 earnings per share for the current year.

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.