King Luther Capital Management Corp Has $25.98 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

King Luther Capital Management Corp lifted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 8.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 431,119 shares of the software maker’s stock after buying an additional 32,273 shares during the period. King Luther Capital Management Corp’s holdings in Fortinet were worth $25,984,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of FTNT. TFO Wealth Partners LLC raised its stake 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 in the last quarter. Sanibel Captiva Trust Company Inc. bought a new stake in shares of Fortinet in the 4th quarter worth about $10,394,000. Hsbc Holdings PLC grew its holdings in shares of Fortinet by 30.2% in 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 last quarter. Advanced Portfolio Management LLC acquired a new stake in shares of Fortinet during the 4th quarter worth about $1,537,000. Finally, GAMMA Investing LLC lifted its holdings in Fortinet by 26.9% during 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 last quarter. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on FTNT. Morgan Stanley decreased their price objective on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. Wells Fargo & Company raised their price target on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price objective on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Finally, Wedbush restated an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a research note on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued 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.

Insider Activity

In related news, VP Michael Xie sold 24,712 shares of the 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 sale, 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 document filed with the SEC, which is available through the SEC website. In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 23,538 shares of the stock in a transaction on Wednesday, September 18th. The stock was 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 of the company’s stock, valued at approximately $3,662,977,721.64. The disclosure for this sale can be found here. Insiders have sold 96,210 shares of company stock worth $6,337,801 in the last 90 days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Up 1.5 %

FTNT opened at $76.78 on Friday. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $78.08. The firm has a market cap of $58.66 billion, a PE ratio of 50.18, 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. The firm’s fifty day moving average is $68.54 and its two-hundred day moving average is $65.21.

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

Fortinet Company 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.