QRG Capital Management Inc. Grows Stake in Fortinet, Inc. (NASDAQ:FTNT)

QRG Capital Management Inc. grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.2% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 38,844 shares of the software maker’s stock after purchasing an additional 1,910 shares during the quarter. QRG Capital Management Inc.’s holdings in Fortinet were worth $3,012,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Winthrop Capital Management LLC acquired a new stake in Fortinet in the first quarter worth about $25,000. Eastern Bank purchased a new position in shares of Fortinet in the 3rd quarter valued at approximately $25,000. Private Wealth Management Group LLC boosted its stake in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares in the last quarter. Oakworth Capital Inc. acquired a new position in Fortinet during the 2nd quarter valued at approximately $33,000. Finally, Versant Capital Management Inc raised its holdings in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after buying an additional 238 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FTNT shares. Barclays boosted their price objective on shares of Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Rosenblatt Securities increased their price objective on Fortinet from $72.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Robert W. Baird lifted their target price on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research report on Thursday, August 8th. Finally, Royal Bank of Canada raised their price target on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $74.68.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last three months, insiders sold 70,538 shares of company stock worth $5,403,559. Corporate insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $80.87 on Thursday. 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 has a fifty day moving average of $78.18 and a 200 day moving average of $67.73. The firm has a market cap of $61.86 billion, a PE ratio of 47.85, a PEG ratio of 2.78 and a beta of 1.00. Fortinet, Inc. has a one year low of $47.66 and a one year high of $83.77.

Fortinet (NASDAQ:FTNT) last released its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The business 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 company’s quarterly revenue 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. As a group, research analysts predict that Fortinet, Inc. will post 1.75 EPS for the current fiscal 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.