Kodai Capital Management LP Takes Position in Fortinet, Inc. $FTNT

Key Points

• Kodai Capital Management LP has acquired a new stake in Fortinet, Inc., purchasing 141,581 shares valued at approximately $13.6 million during the first quarter of the year.
• Insider activity included Director William H. Neukom buying 335 shares for about $34,913 while VP Michael Xie sold 476,596 shares for over $46.9 million.
• Fortinet's stock is currently trading around $79.29, having reported $1.63 billion in revenue and $0.64 EPS, surpassing analysts' expectations for the last quarter.

Kodai Capital Management LP acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 141,581 shares of the software maker's stock, valued at approximately $13,629,000.

Other institutional investors have also recently made changes to their positions in the company. SJS Investment Consulting Inc. lifted its position in shares of Fortinet by 703.1% during 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 in the last quarter. Clearstead Trust LLC purchased a new stake in shares of Fortinet in the first quarter worth $28,000. Caitong International Asset Management Co. Ltd raised its position in shares of 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 worth $29,000 after buying an additional 284 shares in the last quarter. ORG Partners LLC raised its position in shares of 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 buying an additional 112 shares in the last quarter. Finally, EQ Wealth Advisors LLC purchased a new stake in shares of Fortinet in the first quarter worth $35,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on FTNT shares. KeyCorp downgraded Fortinet from an "overweight" rating to a "sector weight" rating in a research report on Thursday, August 7th. TD Cowen restated a "hold" rating and set a $105.00 price target on shares of Fortinet in a research report on Thursday, August 7th. Stifel Nicolaus lowered their price target on Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a research report on Thursday, August 7th. Wells Fargo & Company lowered their price target on Fortinet from $110.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 7th. Finally, Wall Street Zen downgraded Fortinet from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $97.40.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 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 $15,607,701.28. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 476,596 shares of the company's stock in a transaction dated 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 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 ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

Fortinet Trading Down 0.7%

Shares of NASDAQ FTNT traded down $0.52 during trading hours on Monday, hitting $78.77. The company's stock had a trading volume of 4,456,207 shares, compared to its average volume of 11,627,166. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The stock has a market cap of $60.36 billion, a price-to-earnings ratio of 31.38, a P/E/G ratio of 2.98 and a beta of 1.13. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The business has a 50-day simple moving average of $94.69 and a 200-day simple moving average of $99.03.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) 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 analyst estimates of $1.63 billion. During the same period last year, the business earned $0.57 earnings per share. The business's revenue was up 13.6% on a year-over-year basis. On average, analysts anticipate 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.