J2 Capital Management Inc Invests $832,000 in Fortinet, Inc. $FTNT

Key Points

• J2 Capital Management Inc has invested approximately $832,000 in Fortinet, acquiring 7,872 shares, which makes up about 0.7% of their investment portfolio.
• CEO Ken Xie recently sold 158,486 shares valued at over $15.6 million, resulting in a 0.31% decrease in his ownership position in Fortinet.
• Fortinet's stock performance remains under scrutiny, with multiple analysts lowering their price targets, resulting in a consensus rating of "Hold" and an average price target of $97.03.

J2 Capital Management Inc acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 7,872 shares of the software maker's stock, valued at approximately $832,000. Fortinet accounts for about 0.7% of J2 Capital Management Inc's investment portfolio, making the stock its 24th largest position.

Other hedge funds also recently bought and sold shares of the company. SJS Investment Consulting Inc. boosted its stake in shares of Fortinet by 703.1% in the first 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. Saudi Central Bank purchased a new position in Fortinet in the 1st quarter worth approximately $25,000. Clearstead Trust LLC purchased a new position in Fortinet in the 1st quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd boosted its stake in Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock worth $29,000 after purchasing an additional 284 shares during the period. Finally, ORG Partners LLC grew its holdings in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 158,486 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 476,596 shares of the business'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 $46,935,174.08. Following 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. 17.20% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on FTNT shares. Mizuho lowered their target price on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a report on Thursday, August 7th. Barclays decreased their price target on shares of Fortinet from $110.00 to $90.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 7th. Evercore ISI cut their price objective on Fortinet from $105.00 to $78.00 and set an "in-line" rating for the company in a research report on Friday, August 8th. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $85.00 target price (down from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Finally, Erste Group Bank lowered Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Fortinet presently has a consensus rating of "Hold" and an average price target of $97.03.

Fortinet Stock Performance

NASDAQ:FTNT opened at $85.18 on Thursday. The firm has a market capitalization of $65.27 billion, a PE ratio of 33.94, a PEG ratio of 3.17 and a beta of 1.09. The stock's fifty day moving average is $84.10 and its 200 day moving average is $95.23. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping 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 company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the previous year, the firm earned $0.57 earnings per share. Fortinet's quarterly revenue was up 13.6% compared to the same quarter last year. On average, sell-side analysts anticipate 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.

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