V Square Quantitative Management LLC Purchases 633 Shares of Fortinet, Inc. (NASDAQ:FTNT)

V Square Quantitative Management LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,682 shares of the software maker’s stock after acquiring an additional 633 shares during the quarter. V Square Quantitative Management LLC’s holdings in Fortinet were worth $764,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. TFO Wealth Partners LLC increased its position in shares of 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 during the period. Vontobel Holding Ltd. grew its holdings in Fortinet by 7.3% in the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after purchasing an additional 34,582 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its holdings in Fortinet by 2,092.4% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after purchasing an additional 38,751 shares during the last quarter. LGT Group Foundation grew its holdings in Fortinet by 14.4% in the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock worth $44,478,000 after purchasing an additional 94,475 shares during the last quarter. Finally, Y.D. More Investments Ltd grew its holdings in Fortinet by 101.4% in the fourth quarter. Y.D. More Investments Ltd now owns 61,964 shares of the software maker’s stock worth $3,627,000 after purchasing an additional 31,198 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 3.0 %

Fortinet stock traded up $2.11 during mid-day trading on Wednesday, reaching $73.61. 3,570,392 shares of the company’s stock were exchanged, compared to its average volume of 5,910,051. The company has a market cap of $56.23 billion, a P/E ratio of 48.07, a P/E/G ratio of 2.79 and a beta of 0.98. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $73.91. The company has a fifty day moving average of $60.08 and a 200-day moving average of $63.79.

Fortinet (NASDAQ:FTNT) last released its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.31 EPS. Equities research analysts expect that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at $278,287.84. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated 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 sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at $278,287.84. The disclosure for this sale can be found here. Insiders have sold 91,915 shares of company stock worth $5,401,638 in the last ninety days. 18.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on FTNT shares. TD Cowen upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Thursday, July 18th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Evercore ISI lowered their price objective on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a research note on Friday, May 3rd. BMO Capital Markets lifted their price objective on shares of Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Finally, Wedbush reiterated an “outperform” rating and set a $78.00 price objective on shares of Fortinet in a research note on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $71.31.

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.