27,005 Shares in Fortinet, Inc. $FTNT Bought by Element Capital Management LLC

Key Points

• Element Capital Management LLC acquired 27,005 shares of Fortinet, Inc., valued at approximately $2.6 million, as revealed in its latest SEC filing.
• Wall Street analysts have downgraded Fortinet's rating and adjusted price targets, with Scotiabank lowering its target from $115 to $85, reflecting a cautious outlook.
• Fortinet reported a 13.6% increase in revenue year-over-year, achieving $1.63 billion for the quarter, alongside an EPS of $0.64, exceeding analyst estimates.

Element Capital Management LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 27,005 shares of the software maker's stock, valued at approximately $2,600,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FTNT. Vanguard Group Inc. raised its stake in Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock worth $6,898,223,000 after buying an additional 3,546,934 shares during the period. GAMMA Investing LLC raised its stake in Fortinet by 11,349.3% during the 1st quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker's stock worth $185,551,000 after buying an additional 1,910,771 shares during the period. Nuveen LLC acquired a new position in Fortinet during the 1st quarter worth approximately $153,576,000. Northern Trust Corp raised its stake in Fortinet by 17.2% during the 4th quarter. Northern Trust Corp now owns 6,470,320 shares of the software maker's stock worth $611,316,000 after buying an additional 951,233 shares during the period. Finally, AustralianSuper Pty Ltd raised its stake in Fortinet by 127.6% during the 1st quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker's stock worth $144,038,000 after buying an additional 839,028 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on FTNT shares. Evercore ISI dropped their price target on 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 dropped their price target on Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 7th. Rosenblatt Securities reaffirmed a "neutral" rating and set a $85.00 price target (down from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Wall Street Zen lowered Fortinet from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Truist Financial decreased their price objective on Fortinet from $125.00 to $95.00 and set a "buy" rating for the company 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 assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $97.40.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the stock in a transaction on 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 in the company, valued at $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William H. Neukom bought 335 shares of the company's stock in a transaction on Friday, June 6th. The shares were bought at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director 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 disclosure for this purchase can be found here. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded down $2.67 during mid-day trading on Tuesday, reaching $78.09. 15,005,711 shares of the company's stock were exchanged, compared to its average volume of 5,504,260. The firm has a 50-day moving average price of $98.80 and a two-hundred day moving average price of $100.77. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The firm has a market capitalization of $59.84 billion, a price-to-earnings ratio of 31.11, a price-to-earnings-growth ratio of 3.00 and a beta of 1.07. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the company earned $0.57 earnings per share. Fortinet's revenue was up 13.6% compared to the same quarter last year. Analysts predict that Fortinet, Inc. will post 2.09 EPS for the current 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.