Fortinet, Inc. $FTNT Holdings Lifted by Fifth Third Bancorp

Fifth Third Bancorp increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,492 shares of the software maker’s stock after buying an additional 645 shares during the quarter. Fifth Third Bancorp’s holdings in Fortinet were worth $2,484,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of FTNT. Vanguard Group Inc. grew its holdings in shares of Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after buying an additional 3,546,934 shares in the last quarter. GAMMA Investing LLC grew its stake in Fortinet by 11,349.3% in the first quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker’s stock valued at $185,551,000 after purchasing an additional 1,910,771 shares in the last quarter. AQR Capital Management LLC grew its stake in Fortinet by 40.9% in the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after purchasing an additional 1,733,670 shares in the last quarter. Nuveen LLC purchased a new position in Fortinet in the first quarter valued at about $153,576,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Fortinet by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after purchasing an additional 1,026,277 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In related news, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the business’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 $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. This represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

Fortinet Price Performance

NASDAQ FTNT opened at $84.32 on Friday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The stock has a market capitalization of $64.61 billion, a PE ratio of 33.59, a P/E/G ratio of 3.14 and a beta of 1.12. The stock has a 50-day simple moving average of $85.36 and a 200 day simple moving average of $95.46.

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

Analyst Ratings Changes

A number of brokerages have commented on FTNT. Scotiabank lowered their target price on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 7th. Citigroup restated a “neutral” rating and issued a $85.00 target price (down previously from $110.00) on shares of Fortinet in a research note on Monday, August 18th. Mizuho lowered their target price on Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a research note on Thursday, August 7th. Evercore ISI lowered their target price on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a research note on Friday, August 8th. Finally, Morgan Stanley restated an “underweight” rating and issued a $67.00 target price (down previously from $78.00) on shares of Fortinet in a research note on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $97.03.

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.