CCLA Investment Management Has $153.88 Million Holdings in Fortinet, Inc. $FTNT

CCLA Investment Management grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 6.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,455,935 shares of the software maker’s stock after buying an additional 90,491 shares during the period. Fortinet makes up approximately 0.1% of CCLA Investment Management’s holdings, making the stock its 15th biggest position. CCLA Investment Management owned about 0.19% of Fortinet worth $153,877,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Saudi Central Bank bought a new stake in Fortinet during the 1st quarter valued at approximately $25,000. Clearstead Trust LLC bought a new stake in Fortinet during the 1st quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd boosted its stake in Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after purchasing an additional 284 shares during the period. Wayfinding Financial LLC bought a new stake in Fortinet during the 1st quarter valued at approximately $36,000. Finally, Mechanics Financial Corp bought a new stake in Fortinet during the 1st quarter valued at approximately $36,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling

In other 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 approximately $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 accessible 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 approximately $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of FTNT stock opened at $85.56 on Monday. The stock has a 50 day moving average of $81.97 and a two-hundred day moving average of $93.93. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The company has a market capitalization of $65.56 billion, a P/E ratio of 34.09, a P/E/G ratio of 3.22 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 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 company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the company earned $0.57 EPS. The company’s quarterly revenue was up 13.6% on a year-over-year basis. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on FTNT shares. BMO Capital Markets decreased their target price on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research note on Thursday, August 7th. UBS Group decreased their target price on Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. DZ Bank upgraded Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research note on Friday, August 8th. JPMorgan Chase & Co. reduced their price objective on Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Finally, Cantor Fitzgerald raised their price objective on Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 16th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $97.03.

Fortinet 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.