FCG Investment Co Invests $2.46 Million in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• FCG Investment Co has invested $2.46 million in Fortinet, purchasing 25,572 shares, which represents approximately 1.5% of its investment portfolio.
• Multiple institutional investors, including Vanguard Group and Goldman Sachs, have increased their stakes in Fortinet, indicating strong institutional support for the company.
• Fortinet's stock performance shows a current price of $79.11, with a one-year range between $70.12 and $114.82, and a quarterly earnings report exceeding expectations with an EPS of $0.64.

FCG Investment Co purchased a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 25,572 shares of the software maker's stock, valued at approximately $2,462,000. Fortinet accounts for about 1.5% of FCG Investment Co's investment portfolio, making the stock its 17th biggest position.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock valued at $6,898,223,000 after acquiring an additional 3,546,934 shares during the last quarter. Invesco Ltd. increased its stake in Fortinet by 2.2% in the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker's stock valued at $824,999,000 after acquiring an additional 181,835 shares during the last quarter. Northern Trust Corp increased its stake in Fortinet by 17.2% in the fourth quarter. Northern Trust Corp now owns 6,470,320 shares of the software maker's stock valued at $611,316,000 after acquiring an additional 951,233 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Fortinet by 3.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,990,190 shares of the software maker's stock valued at $565,953,000 after acquiring an additional 202,259 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Fortinet by 8.3% in the first quarter. Goldman Sachs Group Inc. now owns 5,106,259 shares of the software maker's stock valued at $491,528,000 after acquiring an additional 389,718 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The shares were 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 of the company's stock, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William H. Neukom bought 335 shares of the firm's stock in a transaction on Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director directly owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders own 17.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. DZ Bank raised Fortinet from a "hold" rating to a "buy" rating and set a $85.00 target price on the stock in a research note on Friday, August 8th. Truist Financial reduced their target price on Fortinet from $125.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Robert W. Baird upped their price target on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Cantor Fitzgerald upped their price target on shares of Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Finally, Erste Group Bank lowered shares of Fortinet from a "buy" rating to a "hold" rating in a research report on Thursday. Two research analysts have rated the stock with a sell rating, twenty-six have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and a consensus target price of $97.93.

Fortinet Stock Performance

Shares of FTNT opened at $79.11 on Friday. 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, Inc. has a one year low of $70.12 and a one year high of $114.82. The company has a 50-day simple moving average of $99.22 and a two-hundred day simple moving average of $100.91. The firm has a market capitalization of $60.62 billion, a PE ratio of 31.52, a price-to-earnings-growth ratio of 3.00 and a beta of 1.07.

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 the consensus estimate 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 analyst estimates of $1.63 billion. During the same period last year, the business posted $0.57 earnings per share. Fortinet's quarterly revenue was up 13.6% compared to the same quarter last year. On average, analysts anticipate 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.

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