Fortinet, Inc. $FTNT Shares Purchased by Allstate Corp

Key Points

• Allstate Corp increased its stake in Fortinet, Inc. by 20.9% during the first quarter, now owning 23,291 shares worth about $2,242,000.
• Several institutional investors, including RPG Investment Advisory LLC and Kaufman Rossin Wealth LLC, also significantly increased their holdings in Fortinet during the same period.
• The consensus rating for Fortinet stock is currently a "Hold" with a target price set at $97.40, according to multiple analysts' evaluations.

Allstate Corp grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 20.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,291 shares of the software maker's stock after purchasing an additional 4,027 shares during the quarter. Allstate Corp's holdings in Fortinet were worth $2,242,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. RPG Investment Advisory LLC raised its holdings in shares of Fortinet by 99.6% during the 1st quarter. RPG Investment Advisory LLC now owns 421,606 shares of the software maker's stock valued at $40,584,000 after buying an additional 210,371 shares during the period. Compound Planning Inc. grew its position in Fortinet by 32.4% in the first quarter. Compound Planning Inc. now owns 12,554 shares of the software maker's stock valued at $1,208,000 after acquiring an additional 3,069 shares in the last quarter. Gould Capital LLC purchased a new stake in shares of Fortinet during the first quarter valued at approximately $908,000. Norinchukin Bank The raised its stake in shares of Fortinet by 49.0% during the first quarter. Norinchukin Bank The now owns 52,711 shares of the software maker's stock valued at $5,074,000 after purchasing an additional 17,346 shares during the period. Finally, Kaufman Rossin Wealth LLC lifted its position in shares of Fortinet by 259.1% during the first quarter. Kaufman Rossin Wealth LLC now owns 8,404 shares of the software maker's stock worth $809,000 after purchasing an additional 6,064 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. TD Cowen reaffirmed a "hold" rating and set a $105.00 price target on shares of Fortinet in a report on Thursday, August 7th. Cantor Fitzgerald raised their target price on Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a research note on Wednesday, July 16th. Stifel Nicolaus dropped their target price on Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a research report on Thursday, August 7th. Mizuho cut their price target on Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. lowered their price objective on Fortinet from $105.00 to $87.00 and set a "neutral" rating for the company in a research note 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 given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $97.40.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 158,486 shares of the firm'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 trade represents a 0.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 335 shares of the firm's stock in a transaction dated Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, the director directly owned 301,471 shares in the company, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. 17.20% of the stock is currently owned by corporate insiders.

Fortinet Stock Up 2.9%

Shares of Fortinet stock opened at $80.02 on Friday. The business has a 50-day moving average price of $96.98 and a 200 day moving average price of $100.15. 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 cap of $61.32 billion, a P/E ratio of 31.88, a P/E/G ratio of 2.95 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its 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. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the business posted $0.57 EPS. Fortinet's quarterly revenue was up 13.6% compared to the same quarter last year. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share 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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