Davidson Capital Management Inc. Grows Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Davidson Capital Management Inc. raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 16.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 51,605 shares of the software maker’s stock after acquiring an additional 7,241 shares during the period. Davidson Capital Management Inc.’s holdings in Fortinet were worth $3,110,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of FTNT. TFO Wealth Partners LLC grew its holdings in Fortinet by 72,668.0% during the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after acquiring an additional 18,167 shares during the period. Sanibel Captiva Trust Company Inc. purchased a new stake in Fortinet in the 4th quarter worth approximately $10,394,000. Hsbc Holdings PLC grew its stake in shares of Fortinet by 30.2% during the 4th quarter. Hsbc Holdings PLC now owns 1,675,718 shares of the software maker’s stock worth $98,080,000 after purchasing an additional 389,098 shares during the period. Advanced Portfolio Management LLC purchased a new position in shares of Fortinet during the 4th quarter valued at approximately $1,537,000. Finally, GAMMA Investing LLC lifted its stake in shares of Fortinet by 26.9% in the 1st quarter. GAMMA Investing LLC now owns 10,001 shares of the software maker’s stock valued at $683,000 after purchasing an additional 2,118 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated 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 sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction of $1,763,937.72. Following the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the business’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 completion of 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 96,210 shares of company stock valued at $6,337,801 in the last quarter. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Up 1.3 %

Shares of FTNT stock opened at $75.66 on Friday. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.08. The company has a 50 day moving average price of $68.20 and a 200 day moving average price of $65.14. The stock has a market capitalization of $57.80 billion, a P/E ratio of 49.45, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results 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 business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.31 earnings per share. Equities research analysts predict that Fortinet, Inc. will post 1.7 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FTNT shares. Citigroup raised their target price on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. Scotiabank upped their price objective on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 7th. Robert W. Baird boosted their price objective on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Rosenblatt Securities decreased their price objective on Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Finally, TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a report on Thursday, July 18th. Twenty-three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $71.57.

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.