Fortinet, Inc. $FTNT Stock Holdings Raised by DSM Capital Partners LLC

Key Points

• DSM Capital Partners LLC increased its holdings in Fortinet, Inc. by 3.2% during the second quarter, now owning approximately 2.53 million shares, making it the 8th largest holding in their portfolio.
• Fortinet reported earnings of $0.64 per share for the latest quarter, surpassing analysts' estimates and achieving a revenue of $1.63 billion, reflecting a 13.6% increase year-over-year.
• Analysts have varying price targets for Fortinet, with a consensus target of $97.03, while two analysts rated it as a Strong Buy and others issued Hold ratings amidst market fluctuations.

DSM Capital Partners LLC lifted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 3.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,528,477 shares of the software maker's stock after buying an additional 78,139 shares during the quarter. Fortinet makes up approximately 4.0% of DSM Capital Partners LLC's portfolio, making the stock its 8th biggest holding. DSM Capital Partners LLC owned approximately 0.33% of Fortinet worth $267,311,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of FTNT. Saudi Central Bank purchased a new stake in shares of Fortinet in the first quarter worth about $25,000. Clearstead Trust LLC purchased a new stake in Fortinet in the first quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd raised its stake in Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after purchasing an additional 284 shares in the last quarter. ORG Partners LLC raised its stake in Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after purchasing an additional 112 shares in the last quarter. Finally, EQ Wealth Advisors LLC purchased a new stake in Fortinet in the first quarter valued at approximately $35,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

NASDAQ:FTNT opened at $83.06 on Friday. The stock has a market cap of $63.64 billion, a P/E ratio of 33.09, a price-to-earnings-growth ratio of 3.25 and a beta of 1.09. The firm's fifty day simple moving average is $81.72 and its 200 day simple moving average is $94.60. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. 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 quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share 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 analysts' expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm's revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.57 earnings per share. As a group, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FTNT. TD Cowen reaffirmed a "hold" rating and issued a $105.00 target price on shares of Fortinet in a research note on Thursday, August 7th. Stifel Nicolaus lowered their target price on shares of Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a research note on Thursday, August 7th. Wells Fargo & Company lowered their target price on shares of Fortinet from $110.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 7th. Citigroup reaffirmed a "neutral" rating and issued a $85.00 target price (down from $110.00) on shares of Fortinet in a research note on Monday, August 18th. Finally, Cantor Fitzgerald lifted their price target on shares of Fortinet from $100.00 to $110.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $97.03.

Insiders Place Their Bets

In other news, VP Michael Xie sold 476,596 shares of the business'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. The trade was a 4.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the business'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 $15,607,701.28. Following the sale, the chief executive officer 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 disclosure for this sale can be found here. 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.

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