Horizon Investments LLC Purchases 15,922 Shares of Fortinet, Inc. $FTNT

Key Points

• Horizon Investments LLC significantly increased its stake in Fortinet by 183.3% during the first quarter, now owning 24,608 shares valued at approximately $2.37 million.
• Fortinet reported a quarterly earnings per share (EPS) of $0.64, surpassing the consensus estimate of $0.59, with year-over-year revenue growth of 13.6%.
• Analysts have mixed views on Fortinet, with target price reductions from several firms, and a majority rating it as a "Hold" with a consensus price target of $97.93.

Horizon Investments LLC grew its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 183.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,608 shares of the software maker's stock after purchasing an additional 15,922 shares during the period. Horizon Investments LLC's holdings in Fortinet were worth $2,369,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of FTNT. Vanguard Group Inc. grew its position in Fortinet by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock worth $6,898,223,000 after purchasing an additional 3,546,934 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Fortinet by 11,349.3% during the 1st quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker's stock valued at $185,551,000 after acquiring an additional 1,910,771 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Fortinet during the 1st quarter valued at about $153,576,000. Northern Trust Corp boosted its position in shares of Fortinet by 17.2% during the 4th quarter. Northern Trust Corp now owns 6,470,320 shares of the software maker's stock valued at $611,316,000 after acquiring an additional 951,233 shares in the last quarter. Finally, AustralianSuper Pty Ltd boosted its position in shares of Fortinet by 127.6% during the 1st quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker's stock valued at $144,038,000 after acquiring an additional 839,028 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the firm'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 directly 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the firm'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 transaction of $15,607,701.28. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 18.00% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Stifel Nicolaus decreased their target price on shares of Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a research report on Thursday, August 7th. TD Cowen reiterated a "hold" rating and set a $105.00 target price on shares of Fortinet in a research report on Thursday, August 7th. Wolfe Research assumed coverage on shares of Fortinet in a research report on Monday, May 12th. They issued a "peer perform" rating on the stock. Evercore ISI reduced their price target on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating on the stock in a research report on Friday, August 8th. Finally, Royal Bank Of Canada reduced their price target on shares of Fortinet from $110.00 to $95.00 and set a "sector perform" rating on the stock in a research 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-five have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, Fortinet currently has an average rating of "Hold" and a consensus target price of $97.40.

Fortinet Price Performance

Shares of NASDAQ FTNT traded down $2.67 during trading on Tuesday, reaching $78.09. The company had a trading volume of 15,005,711 shares, compared to its average volume of 5,504,260. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The stock has a market cap of $59.84 billion, a PE ratio of 31.11, a PEG ratio of 3.00 and a beta of 1.07. 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 business's 50 day moving average price is $98.80 and its 200-day moving average price is $100.77.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping 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 company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the firm posted $0.57 earnings per share. The company's revenue was up 13.6% on a year-over-year basis. Analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Fortinet Company 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.