Decatur Capital Management Inc. Acquires 842 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Decatur Capital Management Inc. lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 30,060 shares of the software maker’s stock after buying an additional 842 shares during the quarter. Decatur Capital Management Inc.’s holdings in Fortinet were worth $1,812,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. TFO Wealth Partners LLC lifted its holdings in Fortinet by 72,668.0% during the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock valued at $1,065,000 after buying an additional 18,167 shares in the last quarter. Sanibel Captiva Trust Company Inc. bought a new position in Fortinet in the fourth quarter worth approximately $10,394,000. Advanced Portfolio Management LLC bought a new stake in Fortinet during the 4th quarter valued at $1,537,000. GAMMA Investing LLC lifted its holdings 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 worth $683,000 after buying an additional 2,118 shares during the period. Finally, Sarasin & Partners LLP increased its stake in shares of Fortinet by 22.4% during the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after buying an additional 395,477 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 24,267 shares of the 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 transaction, the chief executive officer now owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction on 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 completion of the sale, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the 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 transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders sold a total of 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 Price Performance

NASDAQ:FTNT opened at $76.61 on Thursday. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The company has a 50 day moving average price of $69.94 and a 200-day moving average price of $65.33. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $78.18. The firm has a market cap of $58.60 billion, a price-to-earnings ratio of 50.07, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.31 earnings per share. Equities research analysts forecast that Fortinet, Inc. will post 1.72 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Wedbush reiterated an “outperform” rating and set a $78.00 target price on shares of Fortinet in a report on Wednesday, August 7th. Scotiabank lifted their price objective on shares of Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 7th. Royal Bank of Canada increased their target price on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a report on Thursday, August 8th. Finally, Citigroup raised their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. Twenty-three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus 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.