Quantbot Technologies LP Acquires Shares of 120,840 Fortinet, Inc. (NASDAQ:FTNT)

Quantbot Technologies LP bought a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 120,840 shares of the software maker’s stock, valued at approximately $7,283,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vima LLC bought a new position in Fortinet in the 4th quarter worth about $25,000. Winthrop Capital Management LLC bought a new position in shares of Fortinet in the first quarter worth approximately $25,000. Rise Advisors LLC grew its holdings in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares during the last quarter. Creekmur Asset Management LLC bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $32,000. Finally, Oakworth Capital Inc. purchased a new position in Fortinet in the 2nd quarter worth approximately $33,000. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortinet

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 stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Michael Xie sold 24,712 shares of the firm’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 sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,693 shares of the business’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 value of $1,731,010.58. Following the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The disclosure for this sale can be found here. Insiders sold 72,672 shares of company stock worth $4,573,864 in the last quarter. 18.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have commented on FTNT shares. UBS Group lifted their target price on Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Wells Fargo & Company lifted their price objective on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Wedbush restated an “outperform” rating and set a $78.00 target price on shares of Fortinet in a research note on Wednesday, August 7th. Cantor Fitzgerald raised their price target on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company 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 assigned a strong buy rating to the stock. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $71.57.

Fortinet Price Performance

FTNT stock opened at $75.01 on Monday. The company has a market capitalization of $57.30 billion, a PE ratio of 49.03, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company’s fifty day moving average price is $67.27 and its 200-day moving average price is $64.98. Fortinet, Inc. has a one year low of $44.12 and a one year high of $78.08. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping 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 business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the company earned $0.31 EPS. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. On average, equities analysts anticipate that Fortinet, Inc. will post 1.7 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.