Arrowpoint Investment Partners Singapore Pte. Ltd. Buys New Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Arrowpoint Investment Partners Singapore Pte. Ltd. acquired 4,100 shares of Fortinet, Inc. valued at approximately $395,000 in the first quarter, indicating growing institutional interest in the company.
• Vanguard Group, among other investors, has increased its stake in Fortinet, pushing institutional ownership of the company to 83.71%.
• Fortinet recently reported $0.64 earnings per share, surpassing expectations and showing a 13.6% year-over-year increase in revenue for the quarter.

Arrowpoint Investment Partners Singapore Pte. Ltd. acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 4,100 shares of the software maker's stock, valued at approximately $395,000.

A number of other hedge funds have also modified their holdings of FTNT. Eagle Capital Management LLC raised its position in Fortinet by 1.6% during the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after acquiring an additional 404 shares during the last quarter. Brighton Jones LLC grew its holdings in Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after purchasing an additional 221 shares in the last quarter. Sagespring Wealth Partners LLC purchased a new stake in Fortinet during the 4th quarter worth approximately $341,000. Advisors Capital Management LLC acquired a new stake in Fortinet in the fourth quarter valued at $234,000. Finally, Synovus Financial Corp boosted its holdings in Fortinet by 2.8% in the fourth quarter. Synovus Financial Corp now owns 30,634 shares of the software maker's stock worth $2,894,000 after purchasing an additional 826 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Cantor Fitzgerald increased their price target on Fortinet from $100.00 to $110.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Scotiabank cut their price objective on Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 7th. KeyCorp downgraded Fortinet from an "overweight" rating to a "sector weight" rating in a research report on Thursday, August 7th. TD Cowen reiterated a "hold" rating and set a $105.00 price objective on shares of Fortinet in a research note on Thursday, August 7th. Finally, Mizuho dropped their price objective on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating for the company in a research report on Thursday, August 7th. Two analysts have rated the stock with a sell rating, twenty-six have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet has a consensus rating of "Hold" and a consensus price target of $97.93.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal 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 dated 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 owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by corporate insiders.

Fortinet Stock Up 2.4%

Fortinet stock traded up $1.86 during mid-day trading on Friday, reaching $79.11. 10,860,686 shares of the company's stock were exchanged, compared to its average volume of 5,399,285. The company has a fifty day moving average of $99.74 and a 200-day moving average of $101.05. The company has a market cap of $60.62 billion, a P/E ratio of 31.52, a P/E/G ratio of 3.01 and a beta of 1.07. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating 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 earnings per share. Fortinet's quarterly revenue was up 13.6% compared to the same quarter last year. Sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

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.