Decatur Capital Management Inc. Grows Stock Holdings in Fortinet, Inc. $FTNT

Key Points

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Decatur Capital Management Inc. boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 46.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 43,371 shares of the software maker's stock after purchasing an additional 13,694 shares during the period. Fortinet accounts for approximately 2.2% of Decatur Capital Management Inc.'s portfolio, making the stock its 13th biggest position. Decatur Capital Management Inc.'s holdings in Fortinet were worth $4,175,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Eagle Capital Management LLC lifted its position in shares of Fortinet by 1.6% in the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after buying an additional 404 shares during the last quarter. Brighton Jones LLC increased its stake in Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after acquiring an additional 221 shares during the period. NewEdge Advisors LLC increased its stake in Fortinet by 50.5% during the fourth quarter. NewEdge Advisors LLC now owns 31,481 shares of the software maker's stock valued at $2,974,000 after acquiring an additional 10,562 shares during the period. Freedom Investment Management Inc. increased its stake in Fortinet by 22.1% during the fourth quarter. Freedom Investment Management Inc. now owns 4,751 shares of the software maker's stock valued at $449,000 after acquiring an additional 861 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Fortinet by 19.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,611,461 shares of the software maker's stock valued at $246,743,000 after acquiring an additional 426,616 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Ratings Changes

FTNT has been the topic of several analyst reports. DZ Bank upgraded Fortinet from a "hold" rating to a "buy" rating and set a $85.00 price objective on the stock in a research note on Friday, August 8th. Rosenblatt Securities reissued a "neutral" rating and issued a $85.00 price target (down previously from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Citigroup reaffirmed a "neutral" rating and set a $85.00 price objective (down previously from $110.00) on shares of Fortinet in a research note on Monday. KeyCorp downgraded Fortinet from an "overweight" rating to a "sector weight" rating in a research note on Thursday, August 7th. 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 given a Buy rating, twenty-five have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $97.40.

Fortinet Stock Up 2.9%

Shares of NASDAQ FTNT traded up $2.27 during trading on Friday, hitting $80.02. 6,168,205 shares of the company traded hands, compared to its average volume of 5,576,341. The business's fifty day moving average is $97.40 and its 200 day moving average is $100.31. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The firm has a market capitalization of $61.32 billion, a price-to-earnings ratio of 31.88, a P/E/G ratio of 3.02 and a beta of 1.07. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share 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 company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the business posted $0.57 EPS. The firm's revenue was up 13.6% compared to the same quarter last year. Equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the firm's stock in a transaction 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 sale, the vice president 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. Corporate insiders own 17.20% of the company's stock.

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.