American Century Companies Inc. Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

American Century Companies Inc. grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 14.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 480,525 shares of the software maker’s stock after acquiring an additional 61,948 shares during the quarter. American Century Companies Inc. owned 0.06% of Fortinet worth $28,961,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Winthrop Capital Management LLC bought a new stake in Fortinet in the first quarter worth $25,000. Rise Advisors LLC increased its holdings in shares of Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after buying an additional 217 shares during the period. Vima LLC bought a new stake in shares of Fortinet in the 4th quarter valued at about $25,000. Oakworth Capital Inc. purchased a new stake in Fortinet during the 2nd quarter valued at about $33,000. Finally, Creekmur Asset Management LLC bought a new position in Fortinet during the 4th quarter worth approximately $32,000. 83.71% of the stock is currently owned by institutional investors.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet 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 sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 24,267 shares of Fortinet stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the sale, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 24,712 shares of the stock in a transaction on 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 transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 96,210 shares of company stock valued at $6,337,801. 18.00% of the stock is owned by corporate insiders.

Fortinet Price Performance

FTNT opened at $74.68 on Thursday. The firm has a market cap of $57.05 billion, a PE ratio of 48.81, a P/E/G ratio of 2.77 and a beta of 1.00. The stock has a 50-day moving average price of $67.90 and a 200-day moving average price of $65.07. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $78.08. 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 issued its earnings results 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 during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the company earned $0.31 earnings per share. The business’s revenue for the quarter was up 10.9% compared to the same quarter last year. Sell-side analysts predict that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on FTNT. Rosenblatt Securities dropped their price objective on Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Wells Fargo & Company raised their price target on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Finally, UBS Group upped their price target on Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $71.57.

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.