Strategy Asset Managers LLC Purchases 7,641 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Strategy Asset Managers LLC increased its holdings in Fortinet, Inc. by 46.0%, now owning 24,238 shares valued at approximately $2.33 million.
• Fortinet has experienced significant analyst interest, with recent adjustments to price targets ranging from $95.00 to $115.00, and an average rating of "Hold."
• Fortinet reported an earnings per share (EPS) of $0.58, exceeding estimates, with a revenue increase of 13.8% year-over-year during the last quarter.

Strategy Asset Managers LLC grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 46.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,238 shares of the software maker's stock after buying an additional 7,641 shares during the quarter. Strategy Asset Managers LLC's holdings in Fortinet were worth $2,333,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of FTNT. SJS Investment Consulting Inc. increased its stake in shares of Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after purchasing an additional 225 shares in the last quarter. Clearstead Trust LLC purchased a new stake in shares of Fortinet in the 1st quarter worth $28,000. ORG Partners LLC increased its stake in shares of Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after purchasing an additional 112 shares in the last quarter. EQ Wealth Advisors LLC purchased a new stake in shares of Fortinet in the 1st quarter worth $35,000. Finally, Wayfinding Financial LLC purchased a new stake in shares of Fortinet in the 1st quarter worth $36,000. 83.71% of the stock is owned by institutional investors.

Fortinet Trading Down 1.2%

Shares of NASDAQ:FTNT traded down $0.91 during trading on Friday, reaching $74.39. The company's stock had a trading volume of 17,001,530 shares, compared to its average volume of 6,194,551. The company has a current ratio of 1.33, a quick ratio of 1.29 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 12 month low of $67.97 and a 12 month high of $114.82. The firm's 50 day simple moving average is $101.76 and its two-hundred day simple moving average is $101.60. The stock has a market capitalization of $56.94 billion, a PE ratio of 29.64, a price-to-earnings-growth ratio of 2.59 and a beta of 1.07.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 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 firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the firm earned $0.57 EPS. The firm's revenue for the quarter was up 13.6% compared to the same quarter last year. On average, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Morgan Stanley lowered Fortinet from an "overweight" rating to a "reduce" rating and reduced their price objective for the stock from $110.00 to $78.00 in a research note on Thursday. Rosenblatt Securities restated a "neutral" rating and issued a $85.00 price objective (down from $125.00) on shares of Fortinet in a research note on Thursday. Robert W. Baird upped their price objective on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. KeyCorp lowered Fortinet from an "overweight" rating to a "sector weight" rating in a research note on Thursday. Finally, DZ Bank upgraded Fortinet from a "hold" rating to a "buy" rating and set a $85.00 price target for the company in a research note on Friday. Two investment analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $97.93.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 476,596 shares of the stock in a transaction dated 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 of the company's stock, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the firm's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.

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.