Tidal Investments LLC Has $9.88 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Tidal Investments LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 21.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 104,611 shares of the software maker’s stock after selling 28,615 shares during the period. Tidal Investments LLC’s holdings in Fortinet were worth $9,884,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Teza Capital Management LLC increased its holdings in Fortinet by 86.2% in the 4th quarter. Teza Capital Management LLC now owns 29,555 shares of the software maker’s stock valued at $2,792,000 after buying an additional 13,683 shares during the period. True Wealth Design LLC boosted its position in shares of Fortinet by 12.6% during the 4th quarter. True Wealth Design LLC now owns 1,772 shares of the software maker’s stock valued at $167,000 after acquiring an additional 198 shares in the last quarter. State of Wyoming increased its stake in Fortinet by 203.5% in the fourth quarter. State of Wyoming now owns 8,883 shares of the software maker’s stock valued at $839,000 after acquiring an additional 5,956 shares during the period. Toronto Dominion Bank raised its position in Fortinet by 6.7% in the fourth quarter. Toronto Dominion Bank now owns 381,766 shares of the software maker’s stock worth $36,068,000 after purchasing an additional 24,132 shares in the last quarter. Finally, Raiffeisen Bank International AG bought a new position in Fortinet during the fourth quarter worth about $1,415,000. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, VP Michael Xie sold 3,546 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total value of $376,266.06. Following the completion of the transaction, the vice president now owns 11,000,068 shares in the company, valued at $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom purchased 328 shares of Fortinet stock in a transaction dated Thursday, March 6th. The stock was bought at an average price of $106.33 per share, with a total value of $34,876.24. Following the acquisition, the director now directly owns 300,006 shares of the company’s stock, valued at approximately $31,899,637.98. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 738,978 shares of company stock worth $74,135,907 over the last quarter. 17.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Morgan Stanley lowered their price objective on Fortinet from $123.00 to $105.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. BMO Capital Markets cut their price objective on Fortinet from $122.00 to $110.00 and set a “market perform” rating for the company in a report on Thursday, May 8th. Roth Capital set a $103.00 target price on shares of Fortinet and gave the stock a “neutral” rating in a report on Tuesday, April 22nd. Stifel Nicolaus reduced their price target on shares of Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a research report on Thursday, May 8th. Finally, Wolfe Research began coverage on shares of Fortinet in a research report on Monday, May 12th. They issued a “peer perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, twenty-one have assigned a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $104.80.

Fortinet Stock Up 0.2%

Shares of NASDAQ FTNT opened at $104.75 on Tuesday. The stock has a market cap of $80.18 billion, a P/E ratio of 46.35, a P/E/G ratio of 4.19 and a beta of 1.16. The firm has a 50 day moving average price of $98.67 and a 200 day moving average price of $98.61. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Fortinet had a net margin of 29.30% and a return on equity of 256.53%. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.43 earnings per share. Analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

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.