R Squared Ltd Buys 2,790 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• R Squared Ltd significantly increased its stake in Fortinet, Inc. by 404.3% during the first quarter, owning 3,480 shares valued at $335,000.
• Institutional investors currently hold 83.71% of Fortinet's stock, indicating strong interest from the investment community.
• Fortinet reported an earnings per share (EPS) of $0.58, surpassing analyst estimates of $0.53, with revenue growth of 13.8% year-over-year.

R Squared Ltd increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 404.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,480 shares of the software maker's stock after purchasing an additional 2,790 shares during the period. R Squared Ltd's holdings in Fortinet were worth $335,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. SJS Investment Consulting Inc. grew its position 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 valued at $25,000 after purchasing an additional 225 shares during the period. ORG Partners LLC boosted its holdings in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after purchasing an additional 112 shares during the last quarter. EQ Wealth Advisors LLC acquired a new position in shares of Fortinet in the 1st quarter worth approximately $35,000. Mechanics Financial Corp acquired a new stake in Fortinet during the 1st quarter worth $36,000. Finally, Wayfinding Financial LLC acquired a new stake in shares of Fortinet in the 1st quarter worth $36,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Performance

Shares of FTNT stock traded up $0.82 on Wednesday, reaching $97.03. The stock had a trading volume of 806,590 shares, compared to its average volume of 4,719,900. The stock has a market cap of $74.27 billion, a P/E ratio of 39.85, a price-to-earnings-growth ratio of 3.40 and a beta of 1.07. Fortinet, Inc. has a 1 year low of $65.00 and a 1 year high of $114.82. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The company has a 50 day simple moving average of $103.00 and a 200 day simple moving average of $101.92.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the business earned $0.43 earnings per share. Fortinet's quarterly revenue was up 13.8% compared to the same quarter last year. Equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

FTNT has been the subject of several recent research reports. Rosenblatt Securities restated a "buy" rating and set a $125.00 target price on shares of Fortinet in a report on Monday, July 28th. Scotiabank lowered their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a report on Thursday, May 8th. Wells Fargo & Company raised their target price on shares of Fortinet from $95.00 to $110.00 and gave the stock an "equal weight" rating in a research report on Monday, July 28th. Barclays set a $110.00 target price on shares of Fortinet and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Finally, Royal Bank Of Canada decreased their target price on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $107.00.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 158,486 shares of the firm's stock in a transaction on Monday, August 4th. The stock was 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 $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 SEC, which is available at this link. Also, VP Michael Xie sold 476,596 shares of the firm's stock in a transaction dated 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 sale, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 18.00% of the company's stock.

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.