Fortinet, Inc. $FTNT Shares Purchased by Exchange Capital Management Inc.

Exchange Capital Management Inc. boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 17,588 shares of the software maker’s stock after buying an additional 968 shares during the period. Exchange Capital Management Inc.’s holdings in Fortinet were worth $1,859,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC boosted its stake in Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after buying an additional 221 shares during the period. Bison Wealth LLC acquired a new position in shares of Fortinet during the fourth quarter worth about $585,000. NBC Securities Inc. lifted its position in shares of Fortinet by 99,075.0% during the 1st quarter. NBC Securities Inc. now owns 3,967 shares of the software maker’s stock worth $381,000 after purchasing an additional 3,963 shares during the last quarter. Clare Market Investments LLC increased its holdings in shares of Fortinet by 25.0% in the 1st quarter. Clare Market Investments LLC now owns 7,505 shares of the software maker’s stock valued at $722,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Lmcg Investments LLC boosted its holdings in shares of Fortinet by 28.5% in the 1st quarter. Lmcg Investments LLC now owns 52,623 shares of the software maker’s stock valued at $5,065,000 after buying an additional 11,657 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on FTNT shares. TD Cowen reiterated a “hold” rating and issued a $105.00 target price on shares of Fortinet in a research note on Thursday, August 7th. BMO Capital Markets lowered their price objective on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research report on Thursday, August 7th. Cantor Fitzgerald upped their price target on shares of Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 16th. Mizuho dropped their price objective on Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a report on Thursday, August 7th. Finally, Erste Group Bank lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $97.03.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the company’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

Fortinet Price Performance

Shares of Fortinet stock opened at $86.29 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company’s 50-day moving average price is $83.73 and its two-hundred day moving average price is $95.16. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The stock has a market cap of $66.12 billion, a PE ratio of 34.38, a price-to-earnings-growth ratio of 3.21 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the company earned $0.57 EPS. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 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.