Plato Investment Management Ltd Buys 3,259 Shares of Fortinet, Inc. $FTNT

Plato Investment Management Ltd boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 25.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,068 shares of the software maker’s stock after purchasing an additional 3,259 shares during the quarter. Plato Investment Management Ltd’s holdings in Fortinet were worth $1,692,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Brighton Jones LLC boosted its position 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 purchasing an additional 221 shares during the period. Bison Wealth LLC acquired a new position in shares of Fortinet in the fourth quarter valued at approximately $585,000. DAVENPORT & Co LLC grew its position in shares of Fortinet by 2.1% in the first quarter. DAVENPORT & Co LLC now owns 8,715 shares of the software maker’s stock valued at $839,000 after purchasing an additional 179 shares during the last quarter. Rossby Financial LCC acquired a new position in shares of Fortinet in the first quarter valued at approximately $41,000. Finally, Private Trust Co. NA grew its position in shares of Fortinet by 398.1% in the first quarter. Private Trust Co. NA now owns 3,138 shares of the software maker’s stock valued at $302,000 after purchasing an additional 2,508 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Up 2.6%

NASDAQ FTNT opened at $86.43 on Monday. The business has a fifty day moving average price of $82.56 and a two-hundred day moving average price of $93.47. 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, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The stock has a market capitalization of $66.23 billion, a PE ratio of 34.43, a PEG ratio of 3.17 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share 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 during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the company earned $0.57 earnings per share. The company’s quarterly revenue was up 13.6% on a year-over-year basis. Equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on FTNT shares. DZ Bank raised Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Friday, August 8th. BMO Capital Markets decreased their target price on Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research report on Thursday, August 7th. Cowen downgraded Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. Wells Fargo & Company decreased their target price on Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. Finally, Scotiabank decreased their target price on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $97.03.

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.