Fairtree Asset Management Pty Ltd Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Fairtree Asset Management Pty Ltd bought a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 6,698 shares of the software maker's stock, valued at approximately $633,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Eagle Capital Management LLC boosted its holdings in shares of Fortinet by 1.6% in the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock valued at $2,473,000 after buying an additional 404 shares in the last quarter. Mutual Advisors LLC boosted its holdings in shares of Fortinet by 20.6% in the 4th quarter. Mutual Advisors LLC now owns 4,498 shares of the software maker's stock valued at $423,000 after buying an additional 768 shares in the last quarter. Brighton Jones LLC boosted its holdings in shares of Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after buying an additional 221 shares in the last quarter. Drive Wealth Management LLC bought a new stake in shares of Fortinet in the 4th quarter valued at about $222,000. Finally, PFG Investments LLC bought a new stake in shares of Fortinet in the 4th quarter valued at about $208,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Wells Fargo & Company lowered their target price on shares of Fortinet from $105.00 to $95.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. Stifel Nicolaus reduced their price target on shares of Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a research report on Thursday, May 8th. Baird R W lowered shares of Fortinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 3rd. Cantor Fitzgerald reduced their price target on shares of Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Finally, Guggenheim reissued a "neutral" rating on shares of Fortinet in a research report on Friday, February 7th. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Fortinet has an average rating of "Hold" and an average target price of $104.80.

Fortinet Trading Down 2.4%

Shares of FTNT stock traded down $2.47 on Thursday, hitting $102.04. 4,731,104 shares of the stock traded hands, compared to its average volume of 4,972,986. The firm's 50-day moving average price is $99.68 and its two-hundred day moving average price is $99.45. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock has a market capitalization of $78.10 billion, a PE ratio of 45.15, a PEG ratio of 4.19 and a beta of 1.16. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The company's revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.43 EPS. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom bought 328 shares of the stock in a transaction dated Thursday, March 6th. The shares were acquired at an average cost of $106.33 per share, for a total transaction of $34,876.24. Following the completion of the transaction, the director now owns 300,006 shares in the company, valued at approximately $31,899,637.98. The trade was a 0.11% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth A. Goldman sold 1,000 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $99.32, for a total value of $99,320.00. Following the sale, the director now directly owns 20,612 shares of the company's stock, valued at approximately $2,047,183.84. This represents a 4.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 697,818 shares of company stock worth $69,539,128. Company insiders own 17.20% of the company's stock.

About Fortinet

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.