MRP Capital Investments LLC Has $2.10 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

MRP Capital Investments LLC trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 34,913 shares of the software maker’s stock after selling 2,125 shares during the quarter. Fortinet accounts for about 2.0% of MRP Capital Investments LLC’s holdings, making the stock its 9th largest position. MRP Capital Investments LLC’s holdings in Fortinet were worth $2,104,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Winthrop Capital Management LLC bought a new position in Fortinet in the 1st quarter valued at $25,000. Rise Advisors LLC grew its position in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after buying an additional 217 shares in the last quarter. Vima LLC purchased a new stake in shares of Fortinet in the 4th quarter valued at about $25,000. Oakworth Capital Inc. purchased a new position in shares of Fortinet during the second quarter worth about $33,000. Finally, Creekmur Asset Management LLC purchased a new stake in Fortinet in the fourth quarter valued at approximately $32,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on FTNT. UBS Group raised their price objective on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Rosenblatt Securities dropped their price target on Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Royal Bank of Canada raised their price objective on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. Finally, Scotiabank lifted their price target on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, August 7th. Twenty-three 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 stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $71.57.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $74.68 on Thursday. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $78.08. The firm has a market capitalization of $57.05 billion, a price-to-earnings ratio of 48.81, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. 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 firm has a 50 day moving average of $67.90 and a 200 day moving average of $65.07.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. Fortinet’s revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 EPS. On average, research analysts anticipate that Fortinet, Inc. will post 1.7 earnings per share for the current year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,712 shares of the business’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 completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The transaction 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 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 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 96,210 shares of company stock valued at $6,337,801 over the last quarter. 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.