Intech Investment Management LLC Buys 6,460 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Intech Investment Management LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 200,909 shares of the software maker’s stock after purchasing an additional 6,460 shares during the quarter. Intech Investment Management LLC’s holdings in Fortinet were worth $12,109,000 at the end of the most recent quarter.

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

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated 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 transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other 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 transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 24,267 shares of Fortinet stock in a transaction dated 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 directly owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,210 shares of company stock valued at $6,337,801. Insiders own 18.00% of the company’s stock.

Fortinet Trading Up 1.5 %

Shares of NASDAQ:FTNT opened at $76.78 on Friday. The stock has a market capitalization of $58.66 billion, a price-to-earnings ratio of 50.18, a PEG 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. The stock’s 50-day simple moving average is $68.54 and its two-hundred day simple moving average is $65.21. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $78.08.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 negative return on equity of 2,160.10% and a net margin of 23.71%. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period last year, the firm posted $0.31 earnings per share. Analysts expect that Fortinet, Inc. will post 1.7 EPS for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of research analyst reports. Barclays dropped their price target on Fortinet from $75.00 to $70.00 and set an “equal weight” rating for the company in a research note on Thursday, July 11th. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Royal Bank of Canada raised their price target on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research report on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Twenty-three investment 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 stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $71.57.

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.