Quantitative Investment Management LLC Buys Shares of 6,394 Fortinet, Inc. $FTNT

Key Points

• Quantitative Investment Management LLC acquired 6,394 shares of Fortinet, Inc., valued at approximately $615,000, marking a significant investor interest in the software maker.
• Fortinet reported a quarterly earnings per share of $0.64, beating analysts' expectations of $0.59, with a revenue of $1.63 billion for the quarter.
• Several brokerages have recently adjusted their ratings on Fortinet, with DZ Bank upgrading it to a "buy" and setting a new price target of $85.00.

Quantitative Investment Management LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 6,394 shares of the software maker's stock, valued at approximately $615,000.

A number of other hedge funds also recently bought and sold shares of the stock. Hemington Wealth Management raised 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 purchasing an additional 107 shares in the last quarter. Citizens Financial Group Inc. RI raised its position 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 purchasing an additional 107 shares in the last quarter. Eagle Capital Management LLC raised its position 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 purchasing an additional 109 shares in the last quarter. ORG Partners LLC raised its position 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 purchasing an additional 112 shares in the last quarter. Finally, Bogart Wealth LLC raised its position 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 purchasing an additional 112 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling

In other news, Director William H. Neukom purchased 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 purchase, the director directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. This represents a 0.11% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on FTNT shares. Cantor Fitzgerald increased their price target on Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Robert W. Baird increased their price objective on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. TD Cowen reiterated a "hold" rating and issued a $105.00 price objective on shares of Fortinet in a report on Thursday, August 7th. Cowen downgraded Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 7th. Finally, DZ Bank upgraded Fortinet from a "hold" rating to a "buy" rating and set a $85.00 price objective on the stock in a report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $97.40.

Fortinet Stock Performance

NASDAQ:FTNT traded up $0.48 during mid-day trading on Wednesday, reaching $78.13. 5,709,364 shares of the stock were exchanged, compared to its average volume of 11,589,595. The company has a 50 day simple moving average of $95.54 and a 200-day simple moving average of $99.57. The stock has a market capitalization of $59.87 billion, a P/E ratio of 31.13, a P/E/G ratio of 2.94 and a beta of 1.07. 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, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released 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 return on equity of 111.46% and a net margin of 30.60%.The firm's quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.57 EPS. Analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal 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.