Eagle Capital Management LLC Increases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Eagle Capital Management LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.2% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 25,631 shares of the software maker’s stock after buying an additional 544 shares during the quarter. Fortinet comprises 0.0% of Eagle Capital Management LLC’s holdings, making the stock its 25th largest holding. Eagle Capital Management LLC’s holdings in Fortinet were worth $1,545,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of FTNT. TFO Wealth Partners LLC increased 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 in the last quarter. Sanibel Captiva Trust Company Inc. bought a new stake in Fortinet in the fourth quarter worth $10,394,000. Advanced Portfolio Management LLC bought a new stake in Fortinet in the fourth quarter worth $1,537,000. GAMMA Investing LLC grew its stake in shares of 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 last quarter. Finally, Banque Cantonale Vaudoise increased its holdings in shares of Fortinet by 71.1% during the first quarter. Banque Cantonale Vaudoise now owns 72,384 shares of the software maker’s stock valued at $4,945,000 after acquiring an additional 30,084 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $608,626,179.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 24,267 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at approximately $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. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Down 1.1 %

NASDAQ FTNT opened at $76.61 on Thursday. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.18. 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 stock has a market cap of $58.60 billion, a PE ratio of 50.07, a P/E/G ratio of 2.77 and a beta of 1.00. The stock’s 50 day moving average is $69.94 and its 200 day moving average is $65.33.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 23.71% and a negative return on equity of 2,160.10%. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.31 earnings per share. Research analysts predict that Fortinet, Inc. will post 1.72 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Wells Fargo & Company increased their price objective on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a report on Wednesday, August 7th. BMO Capital Markets increased their target price on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company 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 report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average 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.