Diversified Trust Co Has $1.84 Million Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Diversified Trust Co raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,717 shares of the software maker’s stock after acquiring an additional 205 shares during the quarter. Diversified Trust Co’s holdings in Fortinet were worth $1,839,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Fortinet by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after acquiring an additional 779,271 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB increased its holdings in shares of Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after purchasing an additional 134,366 shares during the last quarter. Marshall Wace LLP boosted its position in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the period. Finally, Van ECK Associates Corp lifted its position 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 purchasing an additional 2,802,446 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was 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 of the company’s stock, valued at $2,927,125,412.94. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was 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 of the company’s stock, valued at $2,927,125,412.94. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 24,712 shares of the firm’s 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 sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 96,210 shares of company stock worth $6,337,801. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on FTNT shares. Cantor Fitzgerald upped their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Citigroup upped their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. Twenty-three research 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $72.11.

Fortinet Price Performance

Shares of FTNT opened at $77.48 on Tuesday. 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 business’s fifty day moving average is $73.09 and its 200 day moving average is $65.79. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $79.08. The stock has a market cap of $59.19 billion, a P/E ratio of 50.64, a P/E/G 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 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $1.40 billion. During the same period last year, the business earned $0.31 EPS. The business’s revenue was up 10.9% on a year-over-year basis. Sell-side analysts anticipate that Fortinet, Inc. will post 1.72 earnings per share for the current fiscal year.

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.