FORA Capital LLC Takes Position in Fortinet, Inc. $FTNT

FORA Capital LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 21,710 shares of the software maker’s stock, valued at approximately $2,090,000.

Several other institutional investors have also recently made changes to their positions in the company. Orion Capital Management LLC grew its holdings in Fortinet by 3.8% in the first quarter. Orion Capital Management LLC now owns 14,175 shares of the software maker’s stock valued at $1,364,000 after purchasing an additional 525 shares during the period. Caisse DE Depot ET Placement DU Quebec increased its stake in shares of Fortinet by 23.7% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,145,571 shares of the software maker’s stock worth $110,273,000 after purchasing an additional 219,379 shares in the last quarter. Synovus Financial Corp raised its position in shares of Fortinet by 0.7% during the 1st quarter. Synovus Financial Corp now owns 30,854 shares of the software maker’s stock worth $2,970,000 after purchasing an additional 220 shares during the last quarter. ICONIQ Capital LLC lifted its stake in Fortinet by 20.2% in the 1st quarter. ICONIQ Capital LLC now owns 3,926 shares of the software maker’s stock valued at $378,000 after buying an additional 660 shares in the last quarter. Finally, Quantitative Investment Management LLC acquired a new stake in Fortinet in the 1st quarter worth about $615,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. TD Cowen reissued a “hold” rating and set a $105.00 target price on shares of Fortinet in a report on Thursday, August 7th. JPMorgan Chase & Co. dropped their price target on Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Evercore ISI decreased their price objective on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. Truist Financial dropped their target price on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, August 7th. Finally, Wedbush reduced their target price on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $97.40.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the transaction, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William H. Neukom bought 335 shares of the business’s stock in a transaction on Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, with a total value of $34,913.70. Following the purchase, the director owned 301,471 shares of the company’s stock, valued at $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 18.00% of the stock is currently owned by insiders.

Fortinet Trading Up 0.0%

Shares of FTNT opened at $77.65 on Wednesday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The firm has a market capitalization of $59.50 billion, a P/E ratio of 30.94, a P/E/G ratio of 2.94 and a beta of 1.07. The firm has a 50-day moving average price of $95.99 and a 200 day moving average price of $99.72. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT) last issued its earnings results 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 company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. Fortinet’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 earnings per share. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

About Fortinet

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.