Kingfisher Capital LLC Has $2.44 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Kingfisher Capital LLC reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 40,550 shares of the software maker’s stock after selling 592 shares during the quarter. Kingfisher Capital LLC’s holdings in Fortinet were worth $2,444,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of FTNT. Price T Rowe Associates Inc. MD increased its position in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after buying an additional 30,542,551 shares during the period. Swedbank AB acquired a new stake in shares of Fortinet during the first quarter worth $548,013,000. Marshall Wace LLP boosted its stake in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp boosted its stake in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. Finally, Sarasin & Partners LLP bought a new position in Fortinet during the first quarter worth $120,746,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Royal Bank of Canada increased their target price on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Scotiabank raised their price objective on shares of Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $71.57.

Fortinet Price Performance

FTNT opened at $77.46 on Wednesday. The company has a market capitalization of $59.25 billion, a price-to-earnings ratio of 50.63, a PEG ratio of 2.77 and a beta of 1.00. 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 firm has a 50-day moving average price of $69.59 and a 200-day moving average price of $65.25. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $78.18.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the business earned $0.31 earnings per share. Fortinet’s revenue was up 10.9% compared to the same quarter last year. Equities analysts expect that Fortinet, Inc. will post 1.72 EPS for the current year.

Insider Buying and Selling at Fortinet

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 transaction of $1,456,262.67. Following the completion of the sale, the chief executive officer now directly owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Ken Xie sold 24,267 shares of the business’s 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 directly owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction 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 $608,626,179.98. The disclosure for this sale can be found here. Insiders sold a total of 96,210 shares of company stock worth $6,337,801 over the last three months. 18.00% of the stock is owned by 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.