Fortinet, Inc. $FTNT Shares Purchased by CVA Family Office LLC

CVA Family Office LLC boosted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.1% in the 2nd quarter, Holdings Channel.com reports. The fund owned 1,201 shares of the software maker’s stock after buying an additional 130 shares during the quarter. CVA Family Office LLC’s holdings in Fortinet were worth $127,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Fortinet by 5.2% during the 1st 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 last quarter. Invesco Ltd. increased its position in shares of Fortinet by 2.2% during the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock valued at $824,999,000 after acquiring an additional 181,835 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Fortinet by 17.1% in the 1st 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 acquiring an additional 1,026,277 shares during the period. Northern Trust Corp lifted its holdings in shares of Fortinet by 0.8% in the 1st quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock worth $627,573,000 after acquiring an additional 49,238 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of Fortinet by 40.9% during the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock worth $561,156,000 after purchasing an additional 1,733,670 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FTNT. Evercore ISI cut their target price on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a research report on Friday, August 8th. Truist Financial cut their price objective on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Wedbush decreased their target price on Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a research note on Thursday, August 7th. UBS Group dropped their target price on Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Finally, Erste Group Bank lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Two equities 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 given a Sell rating to the stock. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and a consensus price target of $97.03.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were 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 represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Michael Xie sold 476,596 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 $46,935,174.08. Following the sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $85.56 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The company has a market cap of $65.56 billion, a price-to-earnings ratio of 34.09, a price-to-earnings-growth ratio of 3.22 and a beta of 1.09. The stock’s 50-day moving average is $81.97 and its two-hundred day moving average is $93.97. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last announced 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 business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 earnings per share. Analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet Company 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.