Carderock Capital Management Inc. Has $8.24 Million Stock Holdings in Fortinet, Inc. $FTNT

Key Points

• Carderock Capital Management Inc. has reduced its holdings in Fortinet by 4.7%, now owning 85,569 shares valued at approximately $8.24 million, making Fortinet its 20th largest holding.
• Several institutional investors have significantly increased their positions in Fortinet, with SJS Investment Consulting growing their stake by 703.1% during the first quarter.
• Fortinet's recent quarterly earnings reported an EPS of $0.64, beating analysts' expectations and reflecting a 13.6% increase in revenue compared to the same quarter last year.

Carderock Capital Management Inc. lowered its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.7% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 85,569 shares of the software maker's stock after selling 4,214 shares during the period. Fortinet comprises about 2.2% of Carderock Capital Management Inc.'s portfolio, making the stock its 20th biggest holding. Carderock Capital Management Inc.'s holdings in Fortinet were worth $8,237,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of FTNT. SJS Investment Consulting Inc. grew its position in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after acquiring an additional 225 shares during the last quarter. Saudi Central Bank bought a new stake in shares of Fortinet during the 1st quarter valued at approximately $25,000. Clearstead Trust LLC bought a new stake in shares of Fortinet during the 1st quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd increased its position in Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock worth $29,000 after purchasing an additional 284 shares in the last quarter. Finally, ORG Partners LLC lifted its stake 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 during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on 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 completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction on 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 sale, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

Fortinet Trading Down 0.5%

NASDAQ:FTNT opened at $79.48 on Thursday. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The firm's fifty day moving average is $90.66 and its 200-day moving average is $97.32. The firm has a market cap of $60.90 billion, a P/E ratio of 31.67, a P/E/G ratio of 3.02 and a beta of 1.12.

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, beating analysts' consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.63 billion. During the same quarter in the prior year, the firm posted $0.57 earnings per share. The business's quarterly revenue was up 13.6% compared to the same quarter last year. Equities analysts expect 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 weighed in on FTNT. Barclays decreased their target price on shares of Fortinet from $110.00 to $90.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 7th. Morgan Stanley reissued an "underweight" rating and set a $67.00 price objective (down previously from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. Citigroup reaffirmed a "neutral" rating and issued a $85.00 target price (down previously from $110.00) on shares of Fortinet in a report on Monday, August 18th. JPMorgan Chase & Co. dropped their target price on Fortinet from $105.00 to $87.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Finally, BMO Capital Markets reduced their price target on Fortinet from $110.00 to $90.00 and set a "market perform" rating on the stock in a report on Thursday, August 7th. Two investment 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. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $97.03.

Fortinet 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.

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