GAMMA Investing LLC Buys Shares of 7,883 Fortinet, Inc. (NASDAQ:FTNT)

GAMMA Investing LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 7,883 shares of the software maker’s stock, valued at approximately $508,000.

Other large investors also recently bought and sold shares of the company. Nordea Investment Management AB boosted its stake in shares of Fortinet by 156.8% during the third 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 last quarter. Morgan Stanley lifted its position in Fortinet by 1.3% during the third quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock worth $508,411,000 after buying an additional 108,548 shares during the period. Invesco Ltd. grew its holdings in Fortinet by 5.1% in the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock valued at $328,350,000 after buying an additional 269,202 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Fortinet by 4.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock valued at $222,345,000 after acquiring an additional 153,119 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its position in shares of Fortinet by 79.6% in the third quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock worth $209,853,000 after acquiring an additional 1,585,236 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Fortinet news, VP Michael Xie sold 38,369 shares of Fortinet 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 transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,992 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The disclosure for this sale can be found here. Over the last quarter, insiders sold 132,139 shares of company stock valued at $8,977,876. 17.54% of the stock is currently owned by corporate insiders.

Fortinet Stock Performance

FTNT stock traded up $0.45 during midday trading on Wednesday, reaching $65.25. The company had a trading volume of 1,180,620 shares, compared to its average volume of 5,790,567. 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 firm has a market capitalization of $49.79 billion, a PE ratio of 44.69, a P/E/G ratio of 2.83 and a beta of 1.08. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The stock has a 50 day moving average price of $68.28 and a 200 day moving average price of $61.67.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the previous year, the firm posted $0.38 earnings per share. The business’s revenue was up 10.3% on a year-over-year basis. Analysts anticipate that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FTNT. Rosenblatt Securities reissued a “buy” rating and set a $85.00 price objective on shares of Fortinet in a research note on Wednesday, April 3rd. Cantor Fitzgerald reiterated a “neutral” rating and set a $65.00 target price on shares of Fortinet in a report on Wednesday, April 17th. Sanford C. Bernstein started coverage on shares of Fortinet in a research report on Thursday, January 18th. They set a “market perform” rating and a $65.00 price target on the stock. Truist Financial increased their price objective on shares of Fortinet from $60.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Finally, StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, April 18th. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $72.19.

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.