Andar Capital Management HK Ltd Purchases New Position in Fortinet, Inc. (NASDAQ:FTNT)

Andar Capital Management HK Ltd purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 54,000 shares of the software maker’s stock, valued at approximately $3,255,000. Fortinet comprises about 4.5% of Andar Capital Management HK Ltd’s portfolio, making the stock its 12th largest holding.

Several other institutional investors have also added to or reduced their stakes in FTNT. Price T Rowe Associates Inc. MD lifted its stake in Fortinet by 664.8% in 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 purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB bought a new stake in Fortinet in the first quarter worth about $548,013,000. Norges Bank bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $203,501,000. Van ECK Associates Corp raised its stake in shares of Fortinet by 94.9% during 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 acquiring an additional 2,802,446 shares in the last quarter. Finally, Sarasin & Partners LLP bought a new stake in shares of Fortinet during the first quarter valued at approximately $120,746,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

NASDAQ:FTNT opened at $75.61 on Wednesday. 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. The firm has a market cap of $57.76 billion, a price-to-earnings ratio of 49.42, a PEG ratio of 2.77 and a beta of 1.00. The firm’s fifty day moving average is $67.59 and its two-hundred day moving average is $65.03.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating 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 company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the company earned $0.31 earnings per share. The firm’s revenue was up 10.9% on a year-over-year basis. Research analysts expect that Fortinet, Inc. will post 1.7 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction 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 sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, 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 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 SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 24,267 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the sale, the chief executive officer now directly owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 72,672 shares of company stock valued at $4,573,864. 18.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FTNT. Citigroup lifted their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research note on Thursday, July 18th. Wedbush reaffirmed an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research note on Wednesday, August 7th. Finally, BMO Capital Markets boosted their price objective on shares of Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $71.57.

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.