Fortinet, Inc. $FTNT Stock Holdings Raised by Scientech Research LLC

Scientech Research LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 133.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 9,845 shares of the software maker's stock after purchasing an additional 5,624 shares during the period. Scientech Research LLC's holdings in Fortinet were worth $948,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. Brighton Jones LLC grew its position in Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after purchasing an additional 221 shares during the last quarter. Bison Wealth LLC bought a new position in Fortinet in the 4th quarter worth about $585,000. Balyasny Asset Management L.P. lifted its stake in shares of Fortinet by 112.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 24,799 shares of the software maker's stock worth $2,343,000 after acquiring an additional 216,537 shares during the period. Cary Street Partners Financial LLC acquired a new stake in shares of Fortinet in the 4th quarter worth approximately $306,000. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its stake in shares of Fortinet by 36.0% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 19,866 shares of the software maker's stock worth $1,877,000 after acquiring an additional 5,264 shares during the period. Institutional investors own 83.71% of the company's stock.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the company's stock in a transaction that occurred 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 transaction, the vice president 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $15,607,701.28. Following the transaction, 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. 18.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

FTNT has been the subject of a number of research analyst reports. Cantor Fitzgerald upped 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. Wolfe Research initiated coverage on shares of Fortinet in a research note on Monday, May 12th. They issued a "peer perform" rating for the company. Wall Street Zen lowered shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Cowen lowered shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 7th. Finally, UBS Group reduced their price target on shares of Fortinet from $105.00 to $90.00 and set a "neutral" rating for the company 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 assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $97.03.

Fortinet Stock Up 3.1%

FTNT stock 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 firm has a market cap of $60.41 billion, a PE ratio of 31.41, a P/E/G ratio of 2.98 and a beta of 1.13. The firm has a 50 day simple moving average of $92.07 and a 200 day simple 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.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business earned $0.57 earnings per share. The firm's revenue was up 13.6% compared to the same quarter last year. Equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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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