Quadrant Capital Group LLC Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

Quadrant Capital Group LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.1% during the fourth quarter, HoldingsChannel reports. The firm owned 9,804 shares of the software maker’s stock after buying an additional 202 shares during the quarter. Quadrant Capital Group LLC’s holdings in Fortinet were worth $574,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cito Capital Group LLC purchased a new position in Fortinet in the third quarter valued at approximately $660,000. Vontobel Holding Ltd. boosted its stake in Fortinet by 7.3% in the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock valued at $29,693,000 after acquiring an additional 34,582 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of Fortinet by 2,092.4% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after purchasing an additional 38,751 shares during the last quarter. LGT Group Foundation lifted its holdings in shares of Fortinet by 14.4% in the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after purchasing an additional 94,475 shares during the last quarter. Finally, Alamar Capital Management LLC boosted its position in shares of Fortinet by 12.5% in the 3rd quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock valued at $3,743,000 after purchasing an additional 7,110 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the transaction, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Fortinet news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now owns 10,867,018 shares in the company, valued at $700,705,320.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,396 shares of company stock worth $4,838,534. 17.54% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Friday, May 3rd. Morgan Stanley reduced their price target on shares of Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. Rosenblatt Securities reissued a “buy” rating and set a $85.00 price objective on shares of Fortinet in a research report on Friday, May 3rd. JPMorgan Chase & Co. reduced their target price on shares of Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Finally, Royal Bank of Canada dropped their price target on Fortinet from $71.00 to $68.00 and set a “sector perform” rating on the stock in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $70.37.

Fortinet Stock Up 0.3 %

Shares of NASDAQ:FTNT opened at $61.43 on Friday. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. The firm has a market cap of $46.93 billion, a PE ratio of 40.15, a price-to-earnings-growth ratio of 2.54 and a beta of 1.08. The company has a fifty day simple moving average of $65.41 and a 200 day simple moving average of $62.10.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the prior year, the business posted $0.29 EPS. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, equities research analysts anticipate that Fortinet, Inc. will post 1.46 EPS 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.