Eventide Asset Management LLC Makes New $401,000 Investment in Fortinet, Inc. $FTNT

Key Points

• Eventide Asset Management LLC has invested approximately $401,000 in Fortinet, purchasing 4,151 shares during the first quarter.
• Fortinet's recent quarterly earnings surpassed expectations, reporting $0.64 EPS against analysts' estimates of $0.59, with a revenue of $1.63 billion.
• insider activities included significant share sales by VP Michael Xie and CEO Ken Xie, reducing their holdings by 4.67% and 0.31% respectively.

Eventide Asset Management LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 4,151 shares of the software maker's stock, valued at approximately $401,000.

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

Fortinet Trading Up 3.1%

Shares of NASDAQ FTNT traded up $2.39 during mid-day trading on Friday, reaching $78.83. The company had a trading volume of 10,495,077 shares, compared to its average volume of 9,263,326. The business's 50-day moving average is $92.07 and its 200-day moving average is $97.89. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The stock has a market cap of $60.40 billion, a price-to-earnings ratio of 31.41, a price-to-earnings-growth ratio of 2.98 and a beta of 1.12. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82.

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

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of the company'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 transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 476,596 shares of the company'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 completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company's stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of several research analyst reports. Erste Group Bank downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 14th. Wells Fargo & Company decreased their price target on shares of Fortinet from $110.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 7th. Royal Bank Of Canada cut their price objective on shares of Fortinet from $110.00 to $95.00 and set a "sector perform" rating on the stock in a research report on Thursday, August 7th. Mizuho cut their price objective on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a research report on Thursday, August 7th. Finally, Wolfe Research assumed coverage on shares of Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $97.03.

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.