Vanguard Personalized Indexing Management LLC Acquires 18,407 Shares of Fortinet, Inc. $FTNT

Vanguard Personalized Indexing Management LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 18.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 120,360 shares of the software maker’s stock after purchasing an additional 18,407 shares during the period. Vanguard Personalized Indexing Management LLC’s holdings in Fortinet were worth $12,725,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FTNT. Brighton Jones LLC increased its position in shares of Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after acquiring an additional 221 shares in the last quarter. Bison Wealth LLC bought a new stake in shares of Fortinet during the fourth quarter valued at approximately $585,000. GAMMA Investing LLC increased its position in shares of Fortinet by 18.9% during the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker’s stock valued at $1,928,000 after acquiring an additional 3,189 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Fortinet by 4.0% during the first quarter. Assenagon Asset Management S.A. now owns 17,739 shares of the software maker’s stock valued at $1,708,000 after acquiring an additional 677 shares in the last quarter. Finally, Simon Quick Advisors LLC increased its position in shares of Fortinet by 70.7% during the first quarter. Simon Quick Advisors LLC now owns 4,001 shares of the software maker’s stock valued at $385,000 after acquiring an additional 1,657 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Scotiabank reduced their price target on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 7th. JPMorgan Chase & Co. reduced their price target on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Mizuho reduced their price target on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a research report on Thursday, August 7th. Wall Street Zen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research report on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $97.03.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction on 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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.00% of the company’s stock.

Fortinet Trading Down 3.6%

NASDAQ:FTNT opened at $83.06 on Monday. The company has a 50 day simple moving average of $81.72 and a two-hundred day simple moving average of $94.52. The company has a market cap of $63.64 billion, a PE ratio of 33.09, a price-to-earnings-growth ratio of 3.13 and a beta of 1.09. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. 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 quarterly earnings results 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. The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company’s revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.57 EPS. Research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share 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.