Fortinet, Inc. (NASDAQ:FTNT) Stock Position Boosted by Dark Forest Capital Management LP

Dark Forest Capital Management LP raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 46.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,639 shares of the software maker’s stock after buying an additional 1,792 shares during the period. Dark Forest Capital Management LP’s holdings in Fortinet were worth $340,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in 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 purchasing an additional 30,542,551 shares in the last quarter. Swedbank AB acquired a new stake in shares of Fortinet in the first quarter valued at $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 valued at $376,016,000 after buying an additional 4,148,520 shares in the last quarter. Van ECK Associates Corp grew its holdings 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 during the period. Finally, Sarasin & Partners LLP acquired a new position in Fortinet during the first quarter worth about $120,746,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Up 0.3 %

Fortinet stock opened at $77.45 on Friday. Fortinet, Inc. has a one year low of $44.12 and a one year high of $78.18. The company’s fifty day moving average price is $70.70 and its two-hundred day moving average price is $65.41. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The company has a market capitalization of $59.17 billion, a price-to-earnings ratio of 50.62, a PEG ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last issued 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 negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the firm posted $0.31 EPS. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, analysts forecast that Fortinet, Inc. will post 1.72 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several research reports. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research report on Thursday, August 8th. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a research report on Wednesday, August 7th. Citigroup increased their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. Morgan Stanley decreased their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Finally, Wells Fargo & Company upped their target price on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $71.57.

Insider Activity

In related news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred 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 directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The disclosure for this sale can be found here. Insiders have sold a total of 96,210 shares of company stock valued at $6,337,801 over the last 90 days. 18.00% of the stock is currently 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.