Fortinet, Inc. $FTNT Shares Acquired by Jacobs Levy Equity Management Inc.

Jacobs Levy Equity Management Inc. lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 18.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 104,685 shares of the software maker's stock after acquiring an additional 16,359 shares during the quarter. Jacobs Levy Equity Management Inc.'s holdings in Fortinet were worth $10,077,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Saudi Central Bank acquired a new position in Fortinet during the first quarter worth about $25,000. SJS Investment Consulting Inc. grew its position in Fortinet by 703.1% during 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 during the period. Clearstead Trust LLC acquired a new position in Fortinet during the first quarter worth about $28,000. Caitong International Asset Management Co. Ltd grew its position in Fortinet by 2,184.6% during 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 during the period. Finally, ORG Partners LLC grew its position in Fortinet by 47.5% during 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 during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Up 3.1%

NASDAQ FTNT opened at $78.83 on Monday. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The company has a 50-day moving average of $92.07 and a 200-day moving average of $97.78. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The company has a market cap of $60.41 billion, a P/E ratio of 31.41, a P/E/G ratio of 2.98 and a beta of 1.13.

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

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Scotiabank lowered their target price on shares of Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a research report on Thursday, August 7th. 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 report on Wednesday, July 16th. Stifel Nicolaus reduced their price target on shares of Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a report on Thursday, August 7th. JPMorgan Chase & Co. reduced their price objective on shares of Fortinet from $105.00 to $87.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Finally, Mizuho reduced their price objective on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a research note on Thursday, August 7th. Two 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 stock. According to MarketBeat, Fortinet has an average rating of "Hold" and a consensus target price of $97.03.

Insider Buying and Selling

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 transaction of $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares of the company's stock, valued at $5,061,072,243.92. This trade 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 this hyperlink. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred 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 transaction, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.00% 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.

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