Vinland Capital Management Gestora de Recursos LTDA. Invests $938,000 in Fortinet, Inc. (NASDAQ:FTNT)

Vinland Capital Management Gestora de Recursos LTDA. bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,090 shares of the software maker’s stock, valued at approximately $938,000. Fortinet accounts for 2.2% of Vinland Capital Management Gestora de Recursos LTDA.’s portfolio, making the stock its 7th biggest holding.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Winthrop Capital Management LLC purchased a new position in Fortinet in the 1st quarter worth approximately $25,000. Eastern Bank purchased a new position in Fortinet in the 3rd quarter worth approximately $25,000. Oakworth Capital Inc. purchased a new position in Fortinet in the 2nd quarter worth approximately $33,000. Versant Capital Management Inc increased its stake in Fortinet by 61.2% in the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after purchasing an additional 238 shares during the period. Finally, City State Bank increased its stake in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated 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 $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,693 shares of the 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 of the company’s stock, valued at approximately $3,568,434,657.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,250 shares of company stock valued at $6,790,149 over the last 90 days. Company insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the topic of several research analyst reports. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Barclays lifted their price target on Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a research report on Monday, October 7th. Morgan Stanley dropped their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. Citigroup lifted their price target on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. Finally, Truist Financial lifted their price target on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $74.07.

Fortinet Stock Performance

Shares of FTNT opened at $78.54 on Thursday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The business has a 50-day simple moving average of $77.90 and a two-hundred day simple moving average of $67.30. The stock has a market cap of $60.08 billion, a price-to-earnings ratio of 46.59, a PEG ratio of 2.92 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $83.77.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.31 earnings per share. On average, analysts expect that Fortinet, Inc. will post 1.74 EPS for the current 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.