Fortinet, Inc. (NASDAQ:FTNT) Stock Position Increased by Pacer Advisors Inc.

Pacer Advisors Inc. boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 36.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 172,510 shares of the software maker’s stock after buying an additional 45,678 shares during the quarter. Pacer Advisors Inc.’s holdings in Fortinet were worth $10,397,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Fortinet by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after purchasing an additional 779,271 shares during the last quarter. Price T Rowe Associates Inc. MD boosted 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 buying an additional 30,542,551 shares in the last quarter. Swedbank AB grew its position in Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after buying an additional 134,366 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Fortinet by 15.0% during the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock valued at $302,941,000 after acquiring an additional 657,400 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Up 1.5 %

Shares of FTNT stock opened at $76.78 on Monday. The business’s 50 day moving average is $68.88 and its two-hundred day moving average is $65.18. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.08. The company has a market cap of $58.66 billion, a PE ratio of 50.18, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (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 business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the business posted $0.31 EPS. Fortinet’s revenue was up 10.9% compared to the same quarter last year. Equities analysts predict that Fortinet, Inc. will post 1.7 EPS for the current year.

Insider Transactions at Fortinet

In related 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 transaction of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 24,712 shares of the stock in a transaction dated 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 completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 96,210 shares of company stock worth $6,337,801. Company insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Royal Bank of Canada boosted their target price on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 7th. Wells Fargo & Company upped their price objective on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. UBS Group lifted their target price on shares of Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. TD Cowen upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research report on Thursday, July 18th. Finally, DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a research report on Thursday, August 8th. Twenty-three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus price target of $71.57.

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.