Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Motley Fool Asset Management LLC

Motley Fool Asset Management LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 5.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,898 shares of the software maker’s stock after buying an additional 2,195 shares during the quarter. Motley Fool Asset Management LLC’s holdings in Fortinet were worth $4,226,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after purchasing an additional 3,546,934 shares during the period. GAMMA Investing LLC increased its stake in shares of Fortinet by 11,349.3% during the first quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker’s stock worth $185,551,000 after buying an additional 1,910,771 shares during the period. Nuveen LLC purchased a new stake in shares of Fortinet during the first quarter worth approximately $153,576,000. Northern Trust Corp increased its stake in shares of Fortinet by 17.2% during the fourth quarter. Northern Trust Corp now owns 6,470,320 shares of the software maker’s stock worth $611,316,000 after buying an additional 951,233 shares during the period. Finally, AustralianSuper Pty Ltd increased its stake in shares of Fortinet by 127.6% during the first quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker’s stock worth $144,038,000 after buying an additional 839,028 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent research reports. Wedbush cut their target price on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock 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. Royal Bank Of Canada cut their target price on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research note on Thursday. Wells Fargo & Company cut 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. Finally, Wolfe Research assumed coverage on shares of Fortinet in a research note on Monday, May 12th. They set a “peer perform” rating on the stock. Two research analysts have rated the stock with a sell rating, twenty-five have issued a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $97.93.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Neukom purchased 335 shares of the firm’s stock in a transaction on Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the purchase, the director owned 301,471 shares in the company, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. 18.00% of the stock is currently owned by company insiders.

Fortinet Trading Down 1.2%

Shares of FTNT stock opened at $74.39 on Monday. Fortinet, Inc. has a fifty-two week low of $67.97 and a fifty-two week high of $114.82. The stock has a market cap of $56.94 billion, a P/E ratio of 29.64, a P/E/G ratio of 2.50 and a beta of 1.07. The business has a fifty day simple moving average of $101.76 and a 200-day simple moving average of $101.65. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.57 EPS. On average, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal 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.