Everence Capital Management Inc. Has $760,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Everence Capital Management Inc. lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 42.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,990 shares of the software maker’s stock after purchasing an additional 3,900 shares during the quarter. Everence Capital Management Inc.’s holdings in Fortinet were worth $760,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of FTNT. Penserra Capital Management LLC grew its stake in shares of Fortinet by 6.6% in the first quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after acquiring an additional 41 shares during the last quarter. Evergreen Capital Management LLC grew its stake in shares of Fortinet by 5.2% in the first quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock worth $295,000 after acquiring an additional 43 shares during the last quarter. Douglass Winthrop Advisors LLC grew its stake in shares of Fortinet by 6.1% in the first quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock worth $296,000 after acquiring an additional 50 shares during the last quarter. Covestor Ltd grew its stake in shares of Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after acquiring an additional 57 shares during the last quarter. Finally, Sawtooth Solutions LLC grew its stake in shares of Fortinet by 3.7% in the first quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock worth $640,000 after acquiring an additional 66 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FTNT. BMO Capital Markets lifted their price target on shares of Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a research note on Wednesday, February 7th. Piper Sandler reaffirmed a “neutral” rating and issued a $75.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $65.00 price target on shares of Fortinet in a report on Wednesday. DZ Bank cut Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price target for the company. in a report on Thursday, February 8th. Finally, Scotiabank lifted their price target on Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $72.03.

Fortinet Trading Up 0.3 %

Shares of Fortinet stock opened at $64.66 on Thursday. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The stock has a market cap of $49.34 billion, a P/E ratio of 44.59, a P/E/G ratio of 2.86 and a beta of 1.08. The business’s 50 day moving average is $68.72 and its 200-day moving average is $61.50. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.08. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.38 EPS. Equities research analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,992 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Ken Xie sold 23,992 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 132,139 shares of company stock valued at $8,977,876. 17.54% of the stock is owned by corporate insiders.

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.