Entropy Technologies LP Makes New $3.45 Million Investment in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Entropy Technologies LP has acquired 35,802 shares of Fortinet, Inc. valued at approximately $3.4 million.
• Institutional investors hold 83.71% of Fortinet's stock, reflecting strong interest from hedge funds in the company.
• Wall Street analysts have varying opinions on Fortinet, with an average target price of $97.93 and a consensus rating of "Hold."

Entropy Technologies LP bought a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 35,802 shares of the software maker's stock, valued at approximately $3,446,000.

Several other large investors have also recently modified their holdings of FTNT. Hemington Wealth Management grew its position 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 acquiring an additional 107 shares during the last quarter. Citizens Financial Group Inc. RI boosted its stake in shares of Fortinet by 0.9% during the first quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker's stock valued at $1,187,000 after purchasing an additional 107 shares during the period. Eagle Capital Management LLC grew its holdings in shares of Fortinet by 0.4% in the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock worth $2,530,000 after purchasing an additional 109 shares during the last quarter. ORG Partners LLC grew its holdings in shares of Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after purchasing an additional 112 shares during the last quarter. Finally, Bogart Wealth LLC increased its stake in Fortinet by 37.3% in the 1st quarter. Bogart Wealth LLC now owns 412 shares of the software maker's stock worth $40,000 after buying an additional 112 shares during the period. Institutional investors own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FTNT shares. Evercore ISI lowered their price objective on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating for the company in a research report on Friday. Wedbush decreased their price target on shares of Fortinet from $120.00 to $100.00 and set an "outperform" rating for the company in a research note on Thursday. Robert W. Baird increased their price objective on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Royal Bank Of Canada decreased their target price on Fortinet from $110.00 to $95.00 and set a "sector perform" rating for the company in a research report on Thursday. Finally, Scotiabank lowered their target price on Fortinet from $115.00 to $85.00 and set a "sector outperform" rating for the company in a report on Thursday. Two analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Fortinet presently has a consensus rating of "Hold" and a consensus target price of $97.93.

Fortinet Stock Up 0.2%

Fortinet stock traded up $0.18 during midday trading on Monday, reaching $74.57. The company's stock had a trading volume of 13,421,850 shares, compared to its average volume of 6,839,177. Fortinet, Inc. has a 52-week low of $69.40 and a 52-week high of $114.82. The stock has a market capitalization of $57.08 billion, a P/E ratio of 29.71, a PEG ratio of 2.50 and a beta of 1.07. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The stock's 50-day simple moving average is $101.20 and its 200-day simple moving average is $101.49.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the firm posted $0.57 EPS. Fortinet's revenue was up 13.6% on a year-over-year basis. On average, sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In other news, Director William H. Neukom bought 335 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the transaction, the director directly owned 301,471 shares in the company, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The purchase 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 transaction of $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is owned by insiders.

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.