3,383 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Rathbones Group PLC

Rathbones Group PLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,383 shares of the software maker's stock, valued at approximately $325,000.

A number of other hedge funds have also bought and sold shares of FTNT. Hemington Wealth Management increased its holdings in Fortinet by 16.6% in the 1st quarter. Hemington Wealth Management now owns 752 shares of the software maker's stock valued at $72,000 after buying an additional 107 shares during the period. Citizens Financial Group Inc. RI increased its holdings in Fortinet by 0.9% in the 1st quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker's stock valued at $1,187,000 after buying an additional 107 shares during the period. Eagle Capital Management LLC increased its holdings in Fortinet by 0.4% in the 1st quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock valued at $2,530,000 after buying an additional 109 shares during the period. ORG Partners LLC increased its holdings in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the period. Finally, Bogart Wealth LLC increased its holdings in Fortinet by 37.3% in the 1st quarter. Bogart Wealth LLC now owns 412 shares of the software maker's stock valued at $40,000 after buying an additional 112 shares during the period. 83.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FTNT has been the topic of several recent analyst reports. BMO Capital Markets decreased their target price on shares of Fortinet from $110.00 to $90.00 and set a "market perform" rating on the stock in a report on Thursday, August 7th. Scotiabank decreased their target price on shares of Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 7th. Wolfe Research began coverage on shares of Fortinet in a report on Monday, May 12th. They issued a "peer perform" rating on the stock. DZ Bank upgraded shares of Fortinet from a "hold" rating to a "buy" rating and set a $85.00 price target on the stock in a research note on Friday, August 8th. Finally, Cowen downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a sell rating, twenty-six have issued a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $97.93.

Fortinet Stock Down 2.6%

Shares of NASDAQ FTNT opened at $77.25 on Friday. The company has a market capitalization of $59.19 billion, a P/E ratio of 30.78, a price-to-earnings-growth ratio of 3.01 and a beta of 1.07. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The company's 50 day moving average price is $99.74 and its 200-day moving average price is $101.05.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results 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. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company's revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.57 EPS. Equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity

In related news, Director William H. Neukom acquired 335 shares of the stock in a transaction dated Friday, June 6th. The stock was bought at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the sale, the vice president 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 disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

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.

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