Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by King Luther Capital Management Corp

King Luther Capital Management Corp increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 8.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 431,119 shares of the software maker’s stock after purchasing an additional 32,273 shares during the quarter. King Luther Capital Management Corp owned 0.06% of Fortinet worth $25,984,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FTNT. TFO Wealth Partners LLC increased its stake in 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 purchasing an additional 18,167 shares in the last quarter. Sanibel Captiva Trust Company Inc. acquired a new stake in shares of Fortinet during the fourth quarter valued at approximately $10,394,000. Hsbc Holdings PLC lifted its position in shares of Fortinet by 30.2% in the 4th quarter. Hsbc Holdings PLC now owns 1,675,718 shares of the software maker’s stock valued at $98,080,000 after acquiring an additional 389,098 shares in the last quarter. Advanced Portfolio Management LLC acquired a new position in Fortinet in the 4th quarter worth approximately $1,537,000. Finally, GAMMA Investing LLC grew its position in Fortinet by 26.9% during 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 in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fortinet news, 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 in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’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 value of $1,386,590.32. Following the completion of the transaction, 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 legal filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now directly 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. Over the last quarter, insiders have sold 96,210 shares of company stock valued at $6,337,801. 18.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on FTNT shares. Wells Fargo & Company increased 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. Susquehanna raised their price objective on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Guggenheim downgraded Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Hsbc Global Res raised shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Finally, Rosenblatt Securities lowered their price objective on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $71.57.

Fortinet Stock Up 1.5 %

FTNT stock opened at $76.78 on Friday. The stock has a market capitalization of $58.66 billion, a price-to-earnings ratio of 50.18, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company has a 50-day moving average of $68.54 and a two-hundred day moving average of $65.21. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week 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 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. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.31 EPS. As a group, equities research analysts anticipate that Fortinet, Inc. will post 1.7 EPS for the current year.

About Fortinet

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.