IFM Investors Pty Ltd Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

IFM Investors Pty Ltd increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,537 shares of the software maker’s stock after purchasing an additional 1,344 shares during the quarter. IFM Investors Pty Ltd’s holdings in Fortinet were worth $10,511,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in FTNT. Wealthcare Advisory Partners LLC lifted its position in shares of Fortinet by 138.1% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 10,033 shares of the software maker’s stock valued at $685,000 after acquiring an additional 5,820 shares during the period. New England Research & Management Inc. raised its holdings in Fortinet by 8.7% during the first quarter. New England Research & Management Inc. now owns 12,475 shares of the software maker’s stock worth $852,000 after purchasing an additional 1,000 shares during the last quarter. KRS Capital Management LLC boosted its position in Fortinet by 3.5% during the first quarter. KRS Capital Management LLC now owns 47,795 shares of the software maker’s stock worth $3,265,000 after purchasing an additional 1,600 shares in the last quarter. Opinicus Capital Inc. acquired a new stake in Fortinet in the first quarter valued at $232,000. Finally, Hennion & Walsh Asset Management Inc. increased its position in shares of Fortinet by 51.7% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 20,790 shares of the software maker’s stock valued at $1,420,000 after buying an additional 7,086 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $80.62 on Friday. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $83.77. The company has a market capitalization of $61.59 billion, a price-to-earnings ratio of 52.69, a PEG ratio of 2.84 and a beta of 1.00. The business has a 50-day moving average of $77.52 and a 200-day moving average of $66.98.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share 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 negative return on equity of 2,160.10% and a net margin of 23.71%. Fortinet’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.31 EPS. On average, equities analysts anticipate that Fortinet, Inc. will post 1.74 EPS for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated 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 completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction on 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 in the company, valued at approximately $3,662,977,721.64. The trade was 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, VP Michael Xie sold 24,712 shares of the stock in a transaction on 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 transaction, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 95,250 shares of company stock valued at $6,790,149. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FTNT shares. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a research note on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. JPMorgan Chase & Co. upped their target price on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Wedbush reissued an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research report on Wednesday, August 7th. Finally, Robert W. Baird upped their price objective on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $73.25.

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.