GAMMA Investing LLC Boosts Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

GAMMA Investing LLC lifted its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 11,349.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,927,607 shares of the software maker's stock after purchasing an additional 1,910,771 shares during the period. GAMMA Investing LLC owned 0.25% of Fortinet worth $185,551,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of FTNT. Edmond DE Rothschild Holding S.A. purchased a new stake in Fortinet in the fourth quarter worth about $27,000. Oarsman Capital Inc. increased its holdings in Fortinet by 188.9% in the 4th quarter. Oarsman Capital Inc. now owns 416 shares of the software maker's stock worth $39,000 after acquiring an additional 272 shares in the last quarter. Graney & King LLC bought a new stake in Fortinet during the 4th quarter worth approximately $43,000. Banque Transatlantique SA purchased a new position in Fortinet during the fourth quarter valued at approximately $43,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Fortinet in the fourth quarter worth approximately $46,000. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Morgan Stanley decreased their price objective on shares of Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. DZ Bank upgraded Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. Guggenheim reissued a "neutral" rating on shares of Fortinet in a report on Friday, February 7th. Needham & Company LLC restated a "hold" rating on shares of Fortinet in a research report on Friday, February 7th. Finally, KeyCorp dropped their price objective on Fortinet from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $104.80.

Insider Activity

In related news, Director William H. Neukom acquired 328 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average price of $106.33 per share, for a total transaction of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares of the company's stock, valued at $31,899,637.98. This represents a 0.11% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 326,784 shares of the business's stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $98.17, for a total transaction of $32,080,385.28. Following the completion of the sale, the vice president now directly owns 11,000,068 shares of the company's stock, valued at approximately $1,079,876,675.56. This trade represents a 2.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 697,818 shares of company stock valued at $69,539,128. 18.00% of the stock is currently owned by company insiders.

Fortinet Trading Down 1.4%

NASDAQ FTNT traded down $1.39 during trading on Wednesday, hitting $101.49. The stock had a trading volume of 1,677,169 shares, compared to its average volume of 4,963,269. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The stock has a 50 day simple moving average of $99.77 and a 200 day simple moving average of $99.59. The stock has a market capitalization of $77.68 billion, a price-to-earnings ratio of 44.91, a P/E/G ratio of 4.19 and a beta of 1.06. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. Fortinet's quarterly revenue was up 13.8% compared to the same quarter last year. During the same period last year, the company earned $0.43 EPS. Sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current 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.