32,411 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Seascape Capital Management

Seascape Capital Management purchased a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 32,411 shares of the software maker's stock, valued at approximately $1,897,000.

A number of other hedge funds have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Fortinet by 24.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 391,345 shares of the software maker's stock worth $133,738,000 after acquiring an additional 76,027 shares during the last quarter. Raymond James Trust N.A. lifted its holdings in Fortinet by 24.0% in the first quarter. Raymond James Trust N.A. now owns 2,280 shares of the software maker's stock worth $779,000 after acquiring an additional 441 shares during the last quarter. Zions Bancorporation N.A. lifted its holdings in Fortinet by 20.4% in the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker's stock worth $147,000 after acquiring an additional 73 shares during the last quarter. Brown Brothers Harriman & Co. lifted its holdings in Fortinet by 209.4% in the first quarter. Brown Brothers Harriman & Co. now owns 1,550 shares of the software maker's stock worth $530,000 after acquiring an additional 1,049 shares during the last quarter. Finally, Covestor Ltd lifted its holdings in Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker's stock worth $56,000 after acquiring an additional 57 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Fortinet stock traded down $1.77 during trading hours on Friday, hitting $66.45. 5,132,601 shares of the stock were exchanged, compared to its average volume of 6,057,131. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The stock has a market capitalization of $50.70 billion, a P/E ratio of 45.83, a P/E/G ratio of 3.02 and a beta of 1.08. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The business's 50-day moving average is $68.91 and its two-hundred day moving average is $61.34.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the business earned $0.38 earnings per share. Fortinet's quarterly revenue was up 10.3% on a year-over-year basis. Equities research analysts expect that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 46,084 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total value of $3,183,021.88. Following the sale, the chief executive officer now directly owns 51,813,638 shares in the company, valued at $3,578,767,976.66. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Ken Xie sold 46,084 shares of the stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the completion of the sale, the chief executive officer now owns 51,813,638 shares of the company's stock, valued at $3,578,767,976.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares of the company's stock, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold 108,147 shares of company stock worth $7,424,394 over the last ninety days. Company insiders own 17.54% of the company's stock.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent research reports. Susquehanna reissued a "neutral" rating and issued a $80.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. Rosenblatt Securities reaffirmed a "buy" rating and set a $85.00 price target on shares of Fortinet in a report on Wednesday, April 3rd. The Goldman Sachs Group lifted their price target on Fortinet from $60.00 to $85.00 and gave the company a "buy" rating in a report on Thursday, February 8th. Scotiabank lifted their price target on Fortinet from $70.00 to $90.00 and gave the company a "sector outperform" rating in a report on Wednesday, February 7th. Finally, Citigroup cut Fortinet from a "buy" rating to a "neutral" rating and lifted their price target for the company from $60.00 to $62.00 in a report on Tuesday, January 9th. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $72.35.

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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