Fortinet, Inc. (NASDAQ:FTNT) Holdings Raised by Quest Partners LLC

Quest Partners LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 40,857.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 7,782 shares of the software maker’s stock after acquiring an additional 7,763 shares during the period. Quest Partners LLC’s holdings in Fortinet were worth $469,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Vima LLC purchased a new position in Fortinet in the fourth quarter valued at about $25,000. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet during the 1st quarter valued at about $25,000. Rise Advisors LLC grew its stake in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares in the last quarter. Creekmur Asset Management LLC acquired a new position in Fortinet in the fourth quarter worth approximately $32,000. Finally, Oakworth Capital Inc. bought a new position in Fortinet during the second quarter valued at approximately $33,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several recent research reports. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research report on Thursday, August 8th. Morgan Stanley decreased their price objective on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, July 17th. Hsbc Global Res upgraded Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Susquehanna upped their price target on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Finally, Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $71.31.

Insider Activity

In related news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Fortinet news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on 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 sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 72,672 shares of company stock worth $4,573,864. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $74.49 on Friday. Fortinet, Inc. has a one year low of $44.12 and a one year high of $78.08. The firm has a market capitalization of $56.91 billion, a price-to-earnings ratio of 48.69, a PEG ratio of 2.71 and a beta of 0.99. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The business has a fifty day simple moving average of $66.99 and a 200 day simple moving average of $65.00.

Fortinet (NASDAQ:FTNT) last posted its earnings results 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. The business had revenue of $1.43 billion for 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 firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.31 earnings per share. Sell-side analysts expect that Fortinet, Inc. will post 1.7 EPS 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.