Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 26.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,001 shares of the software maker’s stock after acquiring an additional 2,118 shares during the period. GAMMA Investing LLC’s holdings in Fortinet were worth $683,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. TFO Wealth Partners LLC raised its position in shares of Fortinet by 72,668.0% during the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after purchasing an additional 18,167 shares during the last quarter. Cito Capital Group LLC acquired a new position in shares of Fortinet during the 3rd quarter worth about $660,000. Vontobel Holding Ltd. raised its position in shares of Fortinet by 7.3% during the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after purchasing an additional 34,582 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Fortinet by 2,092.4% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after purchasing an additional 38,751 shares during the last quarter. Finally, LGT Group Foundation raised its position in shares of Fortinet by 14.4% during the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock worth $44,478,000 after purchasing an additional 94,475 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Cantor Fitzgerald reduced their price target on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Wells Fargo & Company cut their price objective on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. Royal Bank of Canada dropped their price target on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a research note on Friday, May 3rd. Morgan Stanley dropped their price target on shares of Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd. Finally, JPMorgan Chase & Co. dropped their price target on shares of Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $69.66.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $59.15 on Thursday. The company’s fifty day moving average price is $61.46 and its 200 day moving average price is $63.42. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. 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 firm has a market capitalization of $45.19 billion, a P/E ratio of 38.66, a P/E/G ratio of 2.90 and a beta of 0.98.

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

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following 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 document filed with the SEC, which is available at the SEC website. In other news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,710 shares of Fortinet stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the sale, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 91,638 shares of company stock worth $5,705,568. 18.00% of the stock is owned by company insiders.

Fortinet 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.