QRG Capital Management Inc. Has $2.46 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

QRG Capital Management Inc. grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,974 shares of the software maker’s stock after purchasing an additional 1,954 shares during the quarter. QRG Capital Management Inc.’s holdings in Fortinet were worth $2,457,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV boosted its stake in Fortinet by 22.4% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after purchasing an additional 180 shares during the period. Buckhead Capital Management LLC boosted its stake in Fortinet by 0.6% in the 4th quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock valued at $1,764,000 after purchasing an additional 187 shares during the period. STF Management LP boosted its stake in Fortinet by 1.5% in the 4th quarter. STF Management LP now owns 12,917 shares of the software maker’s stock valued at $756,000 after purchasing an additional 187 shares during the period. Johnson Investment Counsel Inc. boosted its stake in Fortinet by 1.0% in the 4th quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker’s stock valued at $1,211,000 after purchasing an additional 200 shares during the period. Finally, Quadrant Capital Group LLC boosted its stake in Fortinet by 2.1% in the 4th quarter. Quadrant Capital Group LLC now owns 9,804 shares of the software maker’s stock valued at $574,000 after purchasing an additional 202 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of Fortinet stock traded down $0.42 on Tuesday, hitting $59.48. The company had a trading volume of 4,115,330 shares, compared to its average volume of 5,765,590. The stock has a market capitalization of $45.44 billion, a price-to-earnings ratio of 39.26, a P/E/G ratio of 2.90 and a beta of 0.98. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The stock has a 50 day moving average of $59.89 and a 200-day moving average of $63.92.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the business posted $0.29 earnings per share. Equities analysts anticipate that Fortinet, Inc. will post 1.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FTNT. Wedbush reiterated an “outperform” rating and set a $78.00 target price on shares of Fortinet in a research report on Wednesday, May 22nd. Morgan Stanley cut their target price on Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. Evercore ISI cut their target price on Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a research report on Friday, May 3rd. Susquehanna lowered their price target on Fortinet from $80.00 to $65.00 and set a “neutral” rating for the company in a report on Monday, May 6th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $85.00 price target on shares of Fortinet in a report on Tuesday, June 11th. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $69.86.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 24,235 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the sale, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, Director William H. Neukom acquired 586 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The stock was bought at an average price of $59.55 per share, with a total value of $34,896.30. Following the completion of the purchase, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total value of $1,442,709.55. Following the sale, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The disclosure for this sale can be found here. Insiders sold 67,646 shares of company stock valued at $4,152,086 over the last ninety days. 18.00% of the stock is currently owned by insiders.

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.