6,004 Shares in Fortinet, Inc. $FTNT Bought by Axiom Investors LLC DE

Key Points

• Axiom Investors LLC DE acquired 6,004 shares of Fortinet, Inc. for approximately $578,000 in Q1, contributing to increased institutional interest in the company.
• Fortinet reported a 13.6% year-over-year revenue increase, with a quarterly earnings per share of $0.64, surpassing analyst expectations of $0.59.
• Research firms have adjusted Fortinet's price targets lower, with Wedbush setting a new target at $100.00 and JPMorgan Chase lowering it to $87.00, indicating a shift in market sentiment.

Axiom Investors LLC DE purchased a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,004 shares of the software maker's stock, valued at approximately $578,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ritholtz Wealth Management increased its holdings in Fortinet by 38.4% in the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock worth $654,000 after acquiring an additional 1,885 shares in the last quarter. Gould Capital LLC acquired a new stake in Fortinet during the 1st quarter worth $908,000. Dynamic Advisor Solutions LLC purchased a new stake in shares of Fortinet during the first quarter worth $216,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Fortinet by 40.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock worth $12,650,000 after buying an additional 38,080 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Fortinet by 14.9% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock worth $11,763,000 after buying an additional 16,139 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,486 shares of the company's stock in a transaction dated Monday, August 4th. The shares were 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 directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company's stock.

Fortinet Trading Up 1.9%

Shares of FTNT stock opened at $80.36 on Tuesday. The company's 50-day moving average price is $91.57 and its 200-day moving average price is $97.57. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The stock has a market cap of $61.58 billion, a price-to-earnings ratio of 32.02, a PEG ratio of 2.98 and a beta of 1.13. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company's revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 EPS. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on FTNT. Wedbush dropped their target price on shares of Fortinet from $120.00 to $100.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Wolfe Research began coverage on shares of Fortinet in a report on Monday, May 12th. They set a "peer perform" rating for the company. JPMorgan Chase & Co. dropped their target price on shares of Fortinet from $105.00 to $87.00 and set a "neutral" rating for the company in a report on Thursday, August 7th. Wall Street Zen lowered shares of Fortinet from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Citigroup reaffirmed a "neutral" rating and set a $85.00 target price (down previously from $110.00) on shares of Fortinet in a report on Monday, August 18th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $97.03.

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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