GAMMA Investing LLC Buys 1,780 Shares of Fortinet, Inc. (NASDAQ:FTNT)

GAMMA Investing LLC lifted its position in Fortinet, Inc. (NASDAQ:FTNT) by 18.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 11,543 shares of the software maker’s stock after purchasing an additional 1,780 shares during the quarter. GAMMA Investing LLC’s holdings in Fortinet were worth $895,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Parallel Advisors LLC increased its holdings in shares of Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after buying an additional 148 shares in the last quarter. Simplicity Wealth LLC raised its position in Fortinet by 2.2% in the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after purchasing an additional 174 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in Fortinet by 22.4% in the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after purchasing an additional 180 shares in the last quarter. Werlinich Asset Management LLC grew its holdings in shares of Fortinet by 1.7% during the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after purchasing an additional 180 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC increased its stake in shares of Fortinet by 0.9% in the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after buying an additional 185 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Down 0.7 %

Shares of FTNT stock opened at $77.48 on Tuesday. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $79.08. The company has a market capitalization of $59.19 billion, a PE ratio of 50.64, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The firm has a 50 day moving average price of $73.09 and a two-hundred day moving average price of $65.79. 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 (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.16. The business 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 quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.31 EPS. As a group, analysts predict that Fortinet, Inc. will post 1.72 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 96,210 shares of company stock worth $6,337,801 in the last quarter. Corporate insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on FTNT shares. JPMorgan Chase & Co. increased their price target on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Morgan Stanley lowered their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Royal Bank of Canada lifted their price objective on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 7th. Finally, Susquehanna upped their target price on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Twenty-three 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 data from MarketBeat.com, Fortinet has an average rating of “Hold” and an average price target of $72.11.

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.