Contravisory Investment Management Inc. Acquires Shares of 4,951 Fortinet, Inc. $FTNT

Key Points

• Contravisory Investment Management Inc. has made a new investment in Fortinet, purchasing 4,951 shares valued at approximately $523,000.
• CEO Ken Xie recently sold 158,486 shares of Fortinet stock for over $15 million, decreasing his ownership by 0.31%.
• Fortinet's stock has experienced a 52-week price range between $70.12 and $114.82, with current trading around $80.29 and a market capitalization of $61.52 billion.

Contravisory Investment Management Inc. purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 4,951 shares of the software maker's stock, valued at approximately $523,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. SJS Investment Consulting Inc. grew its position in Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares during the period. Saudi Central Bank purchased a new position in shares of Fortinet in the 1st quarter worth approximately $25,000. Clearstead Trust LLC bought a new position in Fortinet during the first quarter valued at about $28,000. Caitong International Asset Management Co. Ltd grew its position in shares of 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 valued at $29,000 after acquiring an additional 284 shares during the period. Finally, ORG Partners LLC raised 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 purchasing an additional 112 shares during the period. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on FTNT. UBS Group dropped their target price on Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Mizuho dropped their target price on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating for the company in a research report on Thursday, August 7th. TD Cowen reissued a "hold" rating and issued a $105.00 target price on shares of Fortinet in a research note on Thursday, August 7th. JPMorgan Chase & Co. dropped their price target on Fortinet from $105.00 to $87.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Finally, Wells Fargo & Company reduced their target price on shares of Fortinet from $110.00 to $85.00 and set an "equal weight" rating on the stock in a report on Thursday, August 7th. Two equities 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 issued a Sell rating to the company. According to data from MarketBeat, Fortinet presently has a consensus rating of "Hold" and a consensus price target of $97.03.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the business'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 $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 $5,061,072,243.92. The trade was a 0.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 476,596 shares of the 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 directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

Fortinet Price Performance

Shares of NASDAQ:FTNT traded up $0.73 during mid-day trading on Monday, reaching $84.94. The stock had a trading volume of 3,094,507 shares, compared to its average volume of 5,700,063. The business's 50 day moving average price is $87.36 and its 200 day moving average price is $95.92. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The company has a market cap of $65.09 billion, a P/E ratio of 33.85, a price-to-earnings-growth ratio of 3.18 and a beta of 1.12. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $1.63 billion. During the same period last year, the company posted $0.57 EPS. The business's revenue was up 13.6% on a year-over-year basis. Research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.