DMC Group LLC Boosts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

DMC Group LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,623 shares of the software maker’s stock after buying an additional 555 shares during the quarter. Fortinet comprises 1.0% of DMC Group LLC’s portfolio, making the stock its 28th largest position. DMC Group LLC’s holdings in Fortinet were worth $1,212,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of FTNT. Sarasin & Partners LLP boosted its holdings in shares of Fortinet by 22.4% during the 2nd 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 in the last quarter. PDS Planning Inc bought a new stake in Fortinet during the first quarter worth about $200,000. Cetera Investment Advisers grew its holdings in Fortinet by 543.5% in the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after purchasing an additional 132,871 shares during the period. Sei Investments Co. increased its stake in shares of Fortinet by 10.5% during the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after purchasing an additional 13,178 shares in the last quarter. Finally, Magnetar Financial LLC bought a new stake in shares of Fortinet in the 1st quarter worth approximately $3,189,000. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Performance

NASDAQ:FTNT opened at $81.07 on Friday. 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 stock has a 50-day simple moving average of $76.78 and a two-hundred day simple moving average of $66.65. The firm has a market capitalization of $61.93 billion, a PE ratio of 52.99, a P/E/G ratio of 2.84 and a beta of 1.00. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $83.77.

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 the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the firm posted $0.31 EPS. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. Analysts forecast that Fortinet, Inc. will post 1.74 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Royal Bank of Canada raised their price objective on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. UBS Group lifted their price target on Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a report on Wednesday, August 7th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, Robert W. Baird boosted their price objective on shares of Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $72.71.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Fortinet news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred 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 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. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,250 shares of company stock worth $6,790,149 in the last three months. Company insiders own 18.00% of the company’s stock.

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.