Fortinet, Inc. $FTNT Shares Purchased by One Way Holdings LLC

Key Points

• One Way Holdings increased its Fortinet stake by 6.7% in the third quarter, reaching 144,020 shares valued at approximately $25.7 million. Institutional investors collectively own 83.71% of Fortinet.
• Fortinet exceeded quarterly expectations, reporting $0.91 in earnings per share versus the $0.86 consensus and revenue of $2.08 billion, up 20.5% year over year.
• Analyst sentiment remains cautious: Fortinet has a consensus “Hold” rating and an average price target of $147.94, while several firms recently lowered their targets. COO John Whittle also sold 53,865 shares under a pre-arranged trading plan.

One Way Holdings LLC boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 144,020 shares of the software maker's stock after purchasing an additional 9,055 shares during the quarter. One Way Holdings LLC's holdings in Fortinet were worth $25,745,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FTNT. Trek Financial LLC bought a new stake in shares of Fortinet in the third quarter worth $214,000. True Freedom Investing LLC bought a new stake in Fortinet in the 3rd quarter worth approximately $837,000. Walled Lake Planning & Wealth Management LLC bought a new position in Fortinet during the third quarter valued at $231,000. Bank Julius Baer & Co. Ltd Zurich grew its position in Fortinet by 2.4% in the third quarter. Bank Julius Baer & Co. Ltd Zurich now owns 30,419 shares of the software maker's stock worth $5,436,000 after acquiring an additional 717 shares in the last quarter. Finally, Pinkerton Wealth LLC bought a new position in Fortinet during the third quarter valued at $484,000. 83.71% of the stock is owned by institutional investors.

Insider Transactions at Fortinet

In other Fortinet news, COO John Whittle sold 53,865 shares of the business's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $165.44, for a total value of $8,911,425.60. Following the transaction, the chief operating officer directly owned 96,987 shares of the company's stock, valued at approximately $16,045,529.28. The trade was a 35.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 17.60% of the company's stock.

Fortinet Stock Performance

FTNT opened at $136.08 on Monday. The firm has a market capitalization of $99.84 billion, a price-to-earnings ratio of 44.18, a PEG ratio of 2.63 and a beta of 1.04. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.40 and a quick ratio of 1.28. Fortinet, Inc. has a fifty-two week low of $73.55 and a fifty-two week high of $197.13. The company's 50 day moving average price is $171.34 and its two-hundred day moving average price is $128.28.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The software maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.05. The company had revenue of $2.08 billion during the quarter, compared to analysts' expectations of $2.06 billion. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. Fortinet's revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.74 earnings per share. As a group, research analysts predict that Fortinet, Inc. will post 3.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on FTNT shares. Daiwa Securities Group increased their target price on Fortinet from $115.00 to $165.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 4th. Wells Fargo & Company reduced their price target on Fortinet from $160.00 to $115.00 and set an "underweight" rating for the company in a research note on Friday. Stifel Nicolaus reduced their price target on Fortinet from $175.00 to $140.00 and set a "hold" rating for the company in a research note on Thursday. Barclays decreased their price objective on Fortinet from $210.00 to $155.00 and set an "equal weight" rating on the stock in a report on Thursday. Finally, Mizuho set a $118.00 target price on Fortinet in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-four have issued a Hold rating and six have given a Sell rating to the company's stock. According to MarketBeat, Fortinet has a consensus rating of "Hold" and a consensus target price of $147.94.

About Fortinet

Fortinet, Inc develops cybersecurity products and services designed to protect networks, endpoints, applications, cloud environments and operational technology systems. The company's portfolio includes next-generation firewalls, secure networking products, endpoint security, web application security, email security, identity and access solutions, and security information and event management tools.

Its product offerings include FortiGate network security appliances and cloud-based firewalls, along with FortiSwitch, FortiAP and FortiExtender solutions for secure connectivity.

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