Eagle Capital Management LLC Takes $1.71 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Eagle Capital Management LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 25,087 shares of the software maker’s stock, valued at approximately $1,714,000. Fortinet comprises approximately 0.8% of Eagle Capital Management LLC’s holdings, making the stock its 25th biggest position.

Other institutional investors have also made changes to their positions in the company. TFO Wealth Partners LLC raised its stake in shares of Fortinet by 72,668.0% in the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock valued at $1,065,000 after acquiring an additional 18,167 shares in the last quarter. Cito Capital Group LLC bought a new position in Fortinet in the 3rd quarter worth approximately $660,000. Vontobel Holding Ltd. increased its position in Fortinet by 7.3% in the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after buying an additional 34,582 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its position in Fortinet by 2,092.4% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after buying an additional 38,751 shares during the period. Finally, LGT Group Foundation increased its position in Fortinet by 14.4% in the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock worth $44,478,000 after buying an additional 94,475 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 analysts have recently issued reports on the company. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Sunday. Susquehanna decreased their price target on Fortinet from $80.00 to $65.00 and set a “neutral” rating on the stock in a research note on Monday, May 6th. JPMorgan Chase & Co. reduced their price objective on Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Jefferies Financial Group reduced their price objective on Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a research note on Thursday, April 18th. Finally, Royal Bank of Canada cut their price target on Fortinet from $71.00 to $68.00 and set a “sector perform” rating on the stock in a research note on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus target price of $70.03.

Fortinet Trading Up 0.3 %

Shares of FTNT stock traded up $0.17 on Tuesday, hitting $60.02. 282,823 shares of the stock were exchanged, compared to its average volume of 5,862,886. The firm has a market capitalization of $45.85 billion, a P/E ratio of 39.12, a price-to-earnings-growth ratio of 2.95 and a beta of 0.98. The business has a 50-day moving average of $60.51 and a 200 day moving average of $63.80. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. During the same period in the prior year, the firm posted $0.29 earnings per share. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. As a group, research analysts forecast that Fortinet, Inc. will post 1.46 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,992 shares of the stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the transaction, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director William H. Neukom bought 586 shares of the stock in a transaction dated Thursday, June 6th. The shares were bought at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the purchase, the director now owns 295,778 shares in the company, valued at $17,613,579.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,992 shares of the stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 91,638 shares of company stock valued at $5,705,568. Insiders own 18.00% of the company’s stock.

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.