Fortinet, Inc. $FTNT Stock Holdings Increased by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 335,641 shares of the software maker’s stock after buying an additional 2,005 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Fortinet were worth $35,484,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FTNT. Vanguard Group Inc. raised its stake in Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after buying an additional 3,546,934 shares in the last quarter. AQR Capital Management LLC raised its stake in Fortinet by 40.9% during the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after buying an additional 1,733,670 shares in the last quarter. Nuveen LLC acquired a new stake in Fortinet during the first quarter valued at approximately $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Fortinet by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after buying an additional 1,026,277 shares in the last quarter. Finally, Montrusco Bolton Investments Inc. acquired a new stake in Fortinet during the second quarter valued at approximately $108,056,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling

In related news, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the transaction, the vice president directly owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. This represents a 4.67% 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 158,486 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was 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 $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on FTNT. Wedbush cut their price objective on Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a research note on Thursday, August 7th. Truist Financial cut their price objective on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Wall Street Zen lowered Fortinet from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Stifel Nicolaus lowered their target price on Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a report on Thursday, August 7th. Finally, Cantor Fitzgerald upped their target price on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $97.03.

Fortinet Stock Performance

Shares of FTNT stock opened at $83.44 on Friday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The firm has a market capitalization of $63.94 billion, a price-to-earnings ratio of 33.24, a price-to-earnings-growth ratio of 3.13 and a beta of 1.09. The business has a 50 day simple moving average of $81.25 and a 200 day simple moving average of $94.10. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the company posted $0.57 EPS. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. On average, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

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.