JT Stratford LLC Makes New $1.65 Million Investment in Fortinet, Inc. $FTNT

Key Points

Error: Response status code does not indicate success: 429 (Too Many Requests).

JT Stratford LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 17,134 shares of the software maker's stock, valued at approximately $1,649,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Eagle Capital Management LLC lifted its position in Fortinet by 1.6% in the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after purchasing an additional 404 shares during the period. Brighton Jones LLC raised its stake in Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after purchasing an additional 221 shares during the period. NewEdge Advisors LLC raised its stake in Fortinet by 50.5% during the 4th quarter. NewEdge Advisors LLC now owns 31,481 shares of the software maker's stock valued at $2,974,000 after purchasing an additional 10,562 shares during the period. Freedom Investment Management Inc. increased its stake in shares of Fortinet by 22.1% in the fourth quarter. Freedom Investment Management Inc. now owns 4,751 shares of the software maker's stock worth $449,000 after acquiring an additional 861 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Fortinet by 19.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,611,461 shares of the software maker's stock worth $246,743,000 after acquiring an additional 426,616 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 476,596 shares of the firm'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 sale, the vice president owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William H. Neukom purchased 335 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was bought at an average cost of $104.22 per share, with a total value 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 17.20% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on FTNT. Cowen cut shares of Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 7th. Cantor Fitzgerald upped their price target on shares of Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Truist Financial decreased their price target on shares of Fortinet from $125.00 to $95.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Robert W. Baird upped their price target on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Finally, BMO Capital Markets decreased their price target on shares of Fortinet from $110.00 to $90.00 and set a "market perform" rating for the company in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $97.40.

Fortinet Price Performance

NASDAQ:FTNT traded up $2.27 during mid-day trading on Friday, hitting $80.02. The company's stock had a trading volume of 5,821,096 shares, compared to its average volume of 5,568,118. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $61.32 billion, a price-to-earnings ratio of 31.88, a P/E/G ratio of 3.02 and a beta of 1.07. The stock has a fifty day moving average of $97.40 and a 200-day moving average of $100.31.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company's quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.57 earnings per share. As a group, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS 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.