Inspire Investing LLC Grows Holdings in Fortinet, Inc. $FTNT

Key Points

• Inspire Investing LLC increased its holdings in Fortinet, Inc. by 11.7% during the first quarter, owning 79,129 shares valued at $7.6 million, making it the firm's 12th largest holding.
• Other institutional investors, such as Jones Financial Companies Lllp, raised their positions in Fortinet, with Jones increasing its stake by 24.4%, resulting in ownership of 461,523 shares valued at $44.6 million.
• Fortinet's stock is currently priced at $80.89, with a market cap of approximately $61.98 billion, and it recently reported earnings of $0.64 per share, exceeding analysts' expectations.

Inspire Investing LLC lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 11.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,129 shares of the software maker's stock after buying an additional 8,292 shares during the period. Fortinet makes up 0.9% of Inspire Investing LLC's holdings, making the stock its 12th biggest position. Inspire Investing LLC's holdings in Fortinet were worth $7,617,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of FTNT. Vanguard Group Inc. raised its stake in Fortinet by 5.2% during the first 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 period. GAMMA Investing LLC raised its stake in Fortinet by 11,349.3% during the first quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker's stock worth $185,551,000 after purchasing an additional 1,910,771 shares during the period. AQR Capital Management LLC increased its position in shares of Fortinet by 40.9% during the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker's stock valued at $561,156,000 after acquiring an additional 1,733,670 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Fortinet during the first quarter valued at about $153,576,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Fortinet by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker's stock valued at $675,405,000 after acquiring an additional 1,026,277 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of the company's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the transaction, the chief executive officer 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 476,596 shares of the company's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction 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. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company's stock.

Fortinet Stock Down 1.5%

Fortinet stock traded down $1.21 during trading on Friday, reaching $79.68. The stock had a trading volume of 4,424,982 shares, compared to its average volume of 7,074,259. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The business has a 50 day moving average price of $89.66 and a 200 day moving average price of $96.78. 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 stock has a market cap of $61.06 billion, a PE ratio of 31.75, a P/E/G ratio of 3.01 and a beta of 1.13.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) 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 quarter in the previous year, the firm earned $0.57 earnings per share. The firm's quarterly revenue was up 13.6% on a year-over-year basis. On average, analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Evercore ISI dropped their price target on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating for the company in a research report on Friday, August 8th. Erste Group Bank cut shares of Fortinet from a "buy" rating to a "hold" rating in a research report on Thursday, August 14th. TD Cowen reiterated a "hold" rating and set a $105.00 price target on shares of Fortinet in a research report on Thursday, August 7th. Citigroup restated a "neutral" rating and issued a $85.00 price objective (down previously from $110.00) on shares of Fortinet in a report on Monday, August 18th. Finally, KeyCorp cut shares of Fortinet from an "overweight" rating to a "sector weight" rating in a report on Thursday, August 7th. Two 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 issued a Sell rating to the company. According to data from MarketBeat, Fortinet currently has an average rating of "Hold" and an average price target of $97.03.

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.