Korea Investment CORP Buys 20,639 Shares of Fortinet, Inc. $FTNT

Key Points

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Korea Investment CORP increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 474,569 shares of the software maker's stock after purchasing an additional 20,639 shares during the period. Korea Investment CORP owned approximately 0.06% of Fortinet worth $45,682,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In related news, Director William H. Neukom purchased 335 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were 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 acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have weighed in on FTNT. KeyCorp lowered Fortinet from an "overweight" rating to a "sector weight" rating in a research report on Thursday, August 7th. DZ Bank raised Fortinet from a "hold" rating to a "buy" rating and set a $85.00 price target on the stock in a research report on Friday, August 8th. Wedbush decreased their target price on Fortinet from $120.00 to $100.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Royal Bank Of Canada reduced their price objective on shares of Fortinet from $110.00 to $95.00 and set a "sector perform" rating for the company in a research report on Thursday, August 7th. Finally, Cantor Fitzgerald increased their price objective on shares of Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $97.40.

Fortinet Price Performance

Shares of NASDAQ FTNT traded up $2.1740 during midday trading on Friday, reaching $79.9240. 4,294,909 shares of the company were exchanged, compared to its average volume of 5,565,692. The stock's 50-day moving average price is $97.40 and its 200-day moving average price is $100.31. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The stock has a market cap of $61.24 billion, a P/E ratio of 31.83, a PEG ratio of 3.02 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last released 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. 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 quarter last year, the business earned $0.57 EPS. The company's 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 fiscal year.

Fortinet 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.