AGF Management Ltd. Increases Stake in Fortinet, Inc. (NASDAQ:FTNT)

AGF Management Ltd. grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 46.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 48,860 shares of the software maker’s stock after purchasing an additional 15,586 shares during the quarter. AGF Management Ltd.’s holdings in Fortinet were worth $2,945,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Simplicity Wealth LLC boosted its position in Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after buying an additional 174 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Fortinet by 22.4% during the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after purchasing an additional 180 shares during the period. Werlinich Asset Management LLC grew its stake in shares of Fortinet by 1.7% in the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after purchasing an additional 180 shares during the last quarter. Mount Yale Investment Advisors LLC increased its holdings in Fortinet by 0.9% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after purchasing an additional 185 shares during the period. Finally, STF Management LP raised its position in Fortinet by 1.5% during the 4th quarter. STF Management LP now owns 12,917 shares of the software maker’s stock valued at $756,000 after purchasing an additional 187 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Barclays dropped their target price on shares of Fortinet from $75.00 to $70.00 and set an “equal weight” rating for the company in a research report on Thursday, July 11th. Citigroup boosted their price target on shares of Fortinet from $65.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Susquehanna increased their price target on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Twenty-three investment 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 MarketBeat, the company currently has an average rating of “Hold” and an average target price of $71.31.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $74.49 on Friday. The business has a 50-day simple moving average of $66.99 and a two-hundred day simple moving average of $65.00. 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 $56.91 billion, a price-to-earnings ratio of 48.69, a price-to-earnings-growth ratio of 2.71 and a beta of 0.99. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm earned $0.31 earnings per share. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, analysts expect that Fortinet, Inc. will post 1.7 earnings per share for the current year.

Insider Activity

In related news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the sale, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Ken Xie sold 23,693 shares of the firm’s 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 owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold 72,672 shares of company stock valued at $4,573,864 in the last ninety days. 18.00% of the stock is currently owned by company insiders.

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.