Townsquare Capital LLC Increases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Townsquare Capital LLC increased its holdings in Fortinet, Inc. by 13.0% in the first quarter, acquiring 6,994 additional shares, bringing the total to 60,695 shares, valued at approximately $5.84 million.
• Several large investors have altered their positions in Fortinet, with SJS Investment Consulting Inc. boosting its stake by 703.1%, indicating significant interest in the company's stock.
• Fortinet recently reported earnings of $0.64 per share, exceeding analyst estimates, with a revenue growth of 13.6% year-over-year; however, it faces mixed ratings from analysts, with the average rating being "Hold."

Townsquare Capital LLC lifted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 13.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 60,695 shares of the software maker's stock after purchasing an additional 6,994 shares during the period. Townsquare Capital LLC's holdings in Fortinet were worth $5,842,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. SJS Investment Consulting Inc. boosted its holdings 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. Clearstead Trust LLC acquired a new position in shares of Fortinet during the first quarter worth $28,000. ORG Partners LLC increased its position in shares of Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after purchasing an additional 112 shares in the last quarter. EQ Wealth Advisors LLC acquired a new position in shares of Fortinet during the first quarter worth $35,000. Finally, Wayfinding Financial LLC acquired a new position in shares of Fortinet in the 1st quarter valued at $36,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Transactions at Fortinet

In other news, Director William H. Neukom purchased 335 shares of the business's stock in a transaction dated Friday, June 6th. The stock was acquired at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director directly owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 476,596 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 $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. This represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

Fortinet Stock Down 1.2%

Shares of NASDAQ FTNT opened at $74.39 on Friday. The company has a 50 day simple moving average of $101.76 and a 200-day simple moving average of $101.62. The company has a market capitalization of $56.94 billion, a P/E ratio of 29.64, a P/E/G ratio of 2.56 and a beta of 1.07. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.29. Fortinet, Inc. has a 1 year low of $67.97 and a 1 year high of $114.82.

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Wall Street Zen downgraded Fortinet from a "buy" rating to a "hold" rating in a research report on Saturday. KeyCorp lowered shares of Fortinet from an "overweight" rating to a "sector weight" rating in a research note on Thursday. Cowen lowered shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday. TD Cowen reissued a "hold" rating and set a $105.00 target price on shares of Fortinet in a research note on Thursday. Finally, Wells Fargo & Company lowered their target price on shares of Fortinet from $110.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Thursday. Two research analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $97.93.

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.

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