Gotham Asset Management LLC Has $15.04 Million Holdings in Fortinet, Inc. $FTNT

Key Points

• Gotham Asset Management LLC increased its stake in Fortinet, Inc. by 91.7% during the first quarter, owning 156,194 shares valued at approximately $15.04 million.
• Wall Street analysts have mixed views on Fortinet, with a consensus rating of "Hold" and a target price averaging $97.03, while two analysts have issued a "Strong Buy" rating.
• Recently, top executives at Fortinet, including VP Michael Xie and CEO Ken Xie, sold large portions of their stock, indicating a 4.67% and 0.31% decrease in their respective positions.

Gotham Asset Management LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 91.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 156,194 shares of the software maker's stock after purchasing an additional 74,708 shares during the period. Gotham Asset Management LLC's holdings in Fortinet were worth $15,035,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Saudi Central Bank bought a new stake in Fortinet in the 1st quarter valued at $25,000. SJS Investment Consulting Inc. lifted its holdings in shares of Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after acquiring an additional 225 shares during the period. Clearstead Trust LLC acquired a new stake in shares of Fortinet during the 1st quarter valued at about $28,000. Caitong International Asset Management Co. Ltd increased its stake in Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after acquiring an additional 284 shares during the period. Finally, ORG Partners LLC raised its position in Fortinet by 47.5% in the first 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. 83.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Cowen downgraded Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 7th. BMO Capital Markets cut their target price on Fortinet from $110.00 to $90.00 and set a "market perform" rating for the company in a research report on Thursday, August 7th. Cantor Fitzgerald upped their price target on Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Wells Fargo & Company dropped their price objective on Fortinet from $110.00 to $85.00 and set an "equal weight" rating for the company in a research note on Thursday, August 7th. Finally, Scotiabank reduced their target price on shares of Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $97.03.

Insider Buying and Selling

In related news, VP Michael Xie sold 476,596 shares of the business'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 completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 158,486 shares of the company's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

Fortinet Stock Up 3.1%

Shares of NASDAQ FTNT opened at $78.83 on Friday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The firm's 50-day simple moving average is $92.07 and its 200 day simple moving average is $98.01. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The company has a market cap of $60.41 billion, a price-to-earnings ratio of 31.41, a price-to-earnings-growth ratio of 2.89 and a beta of 1.12.

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

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