Fortinet, Inc. $FTNT Shares Purchased by Shell Asset Management Co.

Key Points

• Shell Asset Management Co. increased its stake in Fortinet, Inc. by 15.5% during the second quarter, owning a total of 66,413 shares valued at $7.02 million.
• Fortinet reported $0.64 earnings per share for the last quarter, surpassing analysts' expectations and showing a 13.6% increase in revenue year-over-year.
• Insider transactions included CEO Ken Xie selling 158,486 shares for over $15.6 million, indicating a 0.31% decrease in his ownership stake.

Shell Asset Management Co. boosted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 15.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 66,413 shares of the software maker's stock after buying an additional 8,907 shares during the period. Shell Asset Management Co.'s holdings in Fortinet were worth $7,021,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of FTNT. Saudi Central Bank purchased a new stake in shares of Fortinet in the 1st quarter valued at $25,000. SJS Investment Consulting Inc. boosted its holdings in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares during the last quarter. Clearstead Trust LLC acquired a new stake in Fortinet during the 1st quarter worth about $28,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after buying an additional 284 shares during the last quarter. Finally, ORG Partners LLC lifted its holdings in shares of Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $86.38 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The firm has a fifty day moving average of $82.98 and a 200 day moving average of $94.95. The firm has a market cap of $66.19 billion, a PE ratio of 34.41, a PEG ratio of 3.24 and a beta of 1.09. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. The business had revenue of $1.63 billion for 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 revenue was up 13.6% compared to the same quarter last year. During the same period last year, the firm posted $0.57 earnings per share. As a group, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on FTNT. Evercore ISI lowered their target price on Fortinet from $105.00 to $78.00 and set an "in-line" rating on the stock in a research note on Friday, August 8th. Wells Fargo & Company lowered their price objective on Fortinet from $110.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 7th. TD Cowen reaffirmed a "hold" rating and set a $105.00 price objective on shares of Fortinet in a research note on Thursday, August 7th. Mizuho cut their target price on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating for the company in a report on Thursday, August 7th. Finally, Rosenblatt Securities reissued a "neutral" rating and set a $85.00 price target (down from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Fortinet has a consensus rating of "Hold" and a consensus price target of $97.03.

Insider Buying and Selling

In related news, CEO Ken Xie sold 158,486 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.