Stonegate Investment Group LLC Buys Shares of 12,255 Fortinet, Inc. (NASDAQ:FTNT)

Stonegate Investment Group LLC bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 12,255 shares of the software maker's stock, valued at approximately $837,000.

A number of other large investors also recently added to or reduced their stakes in FTNT. Nordea Investment Management AB raised its position in shares of Fortinet by 156.8% in the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker's stock valued at $554,945,000 after acquiring an additional 5,765,174 shares during the period. Norges Bank acquired a new stake in shares of Fortinet in the 4th quarter valued at approximately $203,501,000. Sarasin & Partners LLP acquired a new stake in shares of Fortinet in the 1st quarter valued at approximately $120,746,000. Robeco Institutional Asset Management B.V. raised its position in shares of Fortinet by 79.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker's stock valued at $209,853,000 after acquiring an additional 1,585,236 shares during the period. Finally, DSM Capital Partners LLC acquired a new stake in shares of Fortinet in the 3rd quarter valued at approximately $75,698,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,992 shares of the business's stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the transaction, the chief executive officer now owns 48,660,648 shares of the company's stock, valued at $3,150,776,958. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Ken Xie sold 23,992 shares of the business's stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 38,369 shares of the company's stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock valued at $8,977,876 over the last quarter. 17.54% of the stock is owned by corporate insiders.

Fortinet Stock Performance

Shares of FTNT traded up $0.35 during midday trading on Wednesday, reaching $63.53. 4,336,434 shares of the stock were exchanged, compared to its average volume of 5,731,766. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a quick ratio of 1.06, a current ratio of 1.19 and a debt-to-equity ratio of 13.38. The company has a market cap of $48.49 billion, a P/E ratio of 43.81, a PEG ratio of 2.85 and a beta of 1.08. The stock's 50 day simple moving average is $67.78 and its 200 day simple moving average is $61.87.

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FTNT. HSBC downgraded shares of Fortinet from a "hold" rating to a "reduce" rating and set a $57.00 price target on the stock. in a research report on Wednesday, February 7th. Piper Sandler restated a "neutral" rating and set a $75.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. Stifel Nicolaus raised their target price on shares of Fortinet from $52.00 to $78.00 and gave the stock a "hold" rating in a report on Wednesday, February 7th. BMO Capital Markets raised their target price on shares of Fortinet from $70.00 to $82.00 and gave the stock a "market perform" rating in a report on Wednesday, February 7th. Finally, Sanford C. Bernstein assumed coverage on shares of Fortinet in a report on Thursday, January 18th. They set a "market perform" rating and a $65.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $72.19.

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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