Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by GAMMA Investing LLC

GAMMA Investing LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 18.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,025 shares of the software maker's stock after acquiring an additional 3,189 shares during the period. GAMMA Investing LLC's holdings in Fortinet were worth $1,928,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FTNT. Edmond DE Rothschild Holding S.A. acquired a new stake in Fortinet in the fourth quarter valued at approximately $27,000. Oarsman Capital Inc. grew its holdings in Fortinet by 188.9% during the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock valued at $39,000 after purchasing an additional 272 shares in the last quarter. Graney & King LLC purchased a new stake in Fortinet during the 4th quarter worth $43,000. Banque Transatlantique SA purchased a new stake in Fortinet during the 4th quarter worth $43,000. Finally, Runnymede Capital Advisors Inc. acquired a new position in Fortinet in the 4th quarter worth $56,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of Fortinet stock traded up $2.61 during trading on Monday, hitting $105.72. 4,094,470 shares of the stock were exchanged, compared to its average volume of 4,856,815. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. Fortinet, Inc. has a 12 month low of $54.57 and a 12 month high of $114.82. The stock's fifty day moving average is $102.54 and its 200 day moving average is $100.50. The stock has a market cap of $80.92 billion, a PE ratio of 43.51, a P/E/G ratio of 3.56 and a beta of 1.07.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. Fortinet's quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.43 EPS. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FTNT. KeyCorp dropped their target price on Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Robert W. Baird lifted their price objective on Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Jefferies Financial Group reduced their target price on Fortinet from $115.00 to $105.00 and set a "hold" rating for the company in a research note on Monday, March 31st. Rosenblatt Securities restated a "buy" rating and issued a $125.00 price target on shares of Fortinet in a research note on Tuesday, June 17th. Finally, Stephens began coverage on shares of Fortinet in a report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 price target on the stock. One investment analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of "Hold" and an average target price of $105.62.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 3,546 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the transaction, the vice president owned 11,000,068 shares in the company, valued at $1,167,217,215.48. This trade represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom bought 335 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director owned 301,471 shares of the company's stock, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 18.00% of the company's stock.

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.