Oliver Lagore Vanvalin Investment Group Buys New Shares in Fortinet, Inc. $FTNT

Key Points

• Oliver Lagore Vanvalin Investment Group acquired 7,439 shares of Fortinet, Inc. valued at approximately $716,000 in the second quarter, according to a recent Form 13F filing with the SEC.
• Fortinet's stock saw significant insider activity, with Vice President Michael Xie selling 476,596 shares and CEO Ken Xie selling 158,486 shares, both on August 4th, representing minor decreases in their respective ownerships.
• Several analysts have modified their ratings on Fortinet, with DZ Bank upgrading the stock to a "buy" rating and setting a target price at $85.00, while others have reduced their price targets and ratings.

Oliver Lagore Vanvalin Investment Group bought a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 7,439 shares of the software maker's stock, valued at approximately $716,000.

Several other hedge funds also recently bought and sold shares of FTNT. Saudi Central Bank bought a new stake in shares of Fortinet in the 1st quarter worth approximately $25,000. SJS Investment Consulting Inc. lifted its holdings in shares of Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after acquiring an additional 225 shares during the last quarter. Clearstead Trust LLC bought a new stake in shares of Fortinet in the 1st quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock worth $29,000 after acquiring an additional 284 shares during the last quarter. Finally, ORG Partners LLC lifted its holdings in shares of Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 476,596 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 $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares of the company's stock, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,486 shares of Fortinet 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 directly 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 company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. UBS Group reduced their price objective on shares of Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Evercore ISI lowered their target price on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating on the stock in a research note on Friday, August 8th. Scotiabank lowered their target price on shares of Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 7th. BMO Capital Markets lowered their price objective on shares of Fortinet from $110.00 to $90.00 and set a "market perform" rating on the stock in a research note on Thursday, August 7th. Finally, Stifel Nicolaus lowered their price objective on shares of Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Fortinet presently has an average rating of "Hold" and an average price target of $97.03.

Fortinet Price Performance

Shares of FTNT traded up $0.45 during trading hours on Tuesday, hitting $85.46. 1,794,167 shares of the stock were exchanged, compared to its average volume of 5,695,935. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The company has a market cap of $65.49 billion, a price-to-earnings ratio of 34.07, a price-to-earnings-growth ratio of 3.18 and a beta of 1.13. The stock's 50-day moving average price is $87.01 and its two-hundred day moving average price is $95.80.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm's revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.57 earnings per share. Research analysts expect that Fortinet, Inc. will post 2.09 earnings per share 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.