Fidelis Capital Partners LLC Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Fidelis Capital Partners LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, HoldingsChannel.com reports. The firm acquired 2,718 shares of the software maker’s stock, valued at approximately $218,000.

Several other institutional investors have also recently added to or reduced their stakes in FTNT. State of Alaska Department of Revenue lifted its holdings in shares of Fortinet by 0.5% during the 1st quarter. State of Alaska Department of Revenue now owns 69,156 shares of the software maker’s stock worth $4,724,000 after acquiring an additional 315 shares during the period. Norden Group LLC acquired a new position in Fortinet during the first quarter worth approximately $2,277,000. First Trust Direct Indexing L.P. raised its stake in Fortinet by 18.6% during the first quarter. First Trust Direct Indexing L.P. now owns 15,828 shares of the software maker’s stock worth $1,081,000 after purchasing an additional 2,482 shares during the period. Ashton Thomas Private Wealth LLC boosted its holdings in shares of Fortinet by 4.3% in the 1st quarter. Ashton Thomas Private Wealth LLC now owns 34,072 shares of the software maker’s stock valued at $2,327,000 after purchasing an additional 1,412 shares during the last quarter. Finally, Mission Wealth Management LP grew its stake in shares of Fortinet by 30.0% during the 1st quarter. Mission Wealth Management LP now owns 5,753 shares of the software maker’s stock valued at $393,000 after buying an additional 1,329 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Down 0.1 %

NASDAQ:FTNT opened at $78.66 on Friday. The company has a market cap of $60.17 billion, a PE ratio of 46.54, a P/E/G ratio of 2.92 and a beta of 1.00. The business’s 50 day moving average is $77.98 and its two-hundred day moving average is $67.38. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $83.77.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data 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. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period last year, the business posted $0.31 earnings per share. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, analysts predict that Fortinet, Inc. will post 1.74 EPS for the current year.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of research analyst reports. Barclays lifted their target price on Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. UBS Group increased their target price on shares of Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research report on Wednesday, August 7th. Finally, Hsbc Global Res raised shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-two have issued 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, the company currently has a consensus rating of “Hold” and a consensus price target of $74.68.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last three months, insiders sold 70,538 shares of company stock valued at $5,403,559. Company insiders own 18.00% of the company’s stock.

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.