Davidson Capital Management Inc. Raises Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Davidson Capital Management Inc. lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 16.3% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 51,605 shares of the software maker’s stock after purchasing an additional 7,241 shares during the quarter. Davidson Capital Management Inc.’s holdings in Fortinet were worth $3,110,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. TFO Wealth Partners LLC grew its stake in shares of Fortinet by 72,668.0% in the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after buying an additional 18,167 shares in the last quarter. Sanibel Captiva Trust Company Inc. bought a new stake in Fortinet during the fourth quarter worth approximately $10,394,000. Hsbc Holdings PLC raised its position in Fortinet by 30.2% during the fourth quarter. Hsbc Holdings PLC now owns 1,675,718 shares of the software maker’s stock valued at $98,080,000 after purchasing an additional 389,098 shares during the period. Advanced Portfolio Management LLC purchased a new position in shares of Fortinet in the 4th quarter worth approximately $1,537,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Fortinet by 26.9% in the 1st quarter. GAMMA Investing LLC now owns 10,001 shares of the software maker’s stock worth $683,000 after purchasing an additional 2,118 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 1.3 %

NASDAQ:FTNT opened at $75.66 on Friday. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The stock has a market capitalization of $57.80 billion, a P/E ratio of 49.45, a P/E/G ratio of 2.77 and a beta of 1.00. The company’s 50-day simple moving average is $68.20 and its 200-day simple moving average is $65.14. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.08.

Fortinet (NASDAQ:FTNT) last announced its earnings results 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 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 the consensus estimate of $1.40 billion. During the same period last year, the firm earned $0.31 earnings per share. Fortinet’s revenue was up 10.9% compared to the same quarter last year. On average, equities analysts anticipate that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on FTNT shares. Susquehanna lifted their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Robert W. Baird lifted their price target on shares of Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Royal Bank of Canada increased their price objective on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 7th. Piper Sandler upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $71.57.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated 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 sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Fortinet news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, 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. Insiders have sold 96,210 shares of company stock valued at $6,337,801 in the last ninety days. Corporate insiders own 18.00% of the company’s stock.

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.