MBB Public Markets I LLC Acquires New Shares in Fortinet, Inc. (NASDAQ:FTNT)

MBB Public Markets I LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 46,956 shares of the software maker’s stock, valued at approximately $2,830,000.

Several other institutional investors also recently modified their holdings of FTNT. Sanibel Captiva Trust Company Inc. bought a new position in Fortinet during the 4th quarter worth approximately $10,394,000. Advanced Portfolio Management LLC bought a new position in shares of Fortinet during the fourth quarter worth $1,537,000. GAMMA Investing LLC grew its holdings in shares of Fortinet by 26.9% in the 1st quarter. GAMMA Investing LLC now owns 10,001 shares of the software maker’s stock valued at $683,000 after buying an additional 2,118 shares during the period. Sarasin & Partners LLP increased its position in shares of Fortinet by 22.4% in the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after buying an additional 395,477 shares in the last quarter. Finally, Banque Cantonale Vaudoise raised its stake in Fortinet by 71.1% during the 1st quarter. Banque Cantonale Vaudoise now owns 72,384 shares of the software maker’s stock worth $4,945,000 after buying an additional 30,084 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on FTNT shares. Wedbush reissued an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a research note on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Scotiabank increased their target price on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, August 7th. BMO Capital Markets lifted their price target on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. Finally, Robert W. Baird increased their price objective on shares of Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus price target of $71.57.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated 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 transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold a total of 96,210 shares of company stock valued at $6,337,801 in the last three months. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Performance

FTNT opened at $77.45 on Friday. 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 stock has a market cap of $59.17 billion, a price-to-earnings ratio of 50.62, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $78.18. The business has a 50 day moving average of $70.70 and a 200-day moving average of $65.41.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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 firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.31 earnings per share. On average, equities research analysts expect that Fortinet, Inc. will post 1.72 earnings per share 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.