9,590 Shares in Fortinet, Inc. $FTNT Acquired by Beck Bode LLC

Key Points

• Beck Bode LLC acquired a new stake in Fortinet, Inc., purchasing 9,590 shares valued at approximately $923,000.
• Wall Street analysts have revised Fortinet's price targets, with JPMorgan Chase lowering it from $105.00 to $87.00, and several other firms adjusting their ratings to "hold."
• Fortinet reported a quarterly earnings per share of $0.64, surpassing estimates, and a year-over-year revenue growth of 13.6%.

Beck Bode LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 9,590 shares of the software maker's stock, valued at approximately $923,000.

Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Fortinet by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock worth $6,898,223,000 after acquiring an additional 3,546,934 shares in the last quarter. Invesco Ltd. boosted its position in shares of Fortinet by 2.2% during the 1st quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker's stock worth $824,999,000 after purchasing an additional 181,835 shares in the last quarter. Northern Trust Corp boosted its position in shares of Fortinet by 0.8% during the 1st quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker's stock worth $627,573,000 after purchasing an additional 49,238 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Fortinet by 3.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,990,190 shares of the software maker's stock worth $565,953,000 after purchasing an additional 202,259 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Fortinet by 8.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,106,259 shares of the software maker's stock worth $491,528,000 after purchasing an additional 389,718 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Transactions at Fortinet

In other Fortinet news, Director William H. Neukom bought 335 shares of the business's stock in a transaction dated 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 approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the business'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 $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on FTNT shares. Wells Fargo & Company cut their price objective on shares of Fortinet from $110.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 7th. BMO Capital Markets cut 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 report on Thursday, August 7th. Wall Street Zen cut shares of Fortinet from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. DZ Bank upgraded shares of Fortinet from a "hold" rating to a "buy" rating and set a $85.00 target price on the stock in a report on Friday, August 8th. Finally, Morgan Stanley downgraded Fortinet from an "overweight" rating to a "reduce" rating and cut their price target for the company from $110.00 to $78.00 in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $97.40.

Fortinet Stock Down 0.7%

FTNT stock traded down $0.52 during mid-day trading on Friday, reaching $78.77. 4,456,207 shares of the company traded hands, compared to its average volume of 11,639,722. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The firm's 50 day moving average price is $94.69 and its 200 day moving average price is $99.10. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The stock has a market cap of $60.36 billion, a price-to-earnings ratio of 31.38, a P/E/G ratio of 2.98 and a beta of 1.07.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping 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 firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the business earned $0.57 EPS. The company's revenue was up 13.6% compared to the same quarter last year. As a group, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS 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.