Delta Investment Management LLC Acquires 208 Shares of Fortinet, Inc. $FTNT

Delta Investment Management LLC grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,625 shares of the software maker’s stock after purchasing an additional 208 shares during the quarter. Delta Investment Management LLC’s holdings in Fortinet were worth $595,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of FTNT. Saudi Central Bank acquired a new position in Fortinet in the 1st quarter valued at $25,000. Clearstead Trust LLC acquired a new position in Fortinet in the 1st quarter valued at $28,000. Caitong International Asset Management Co. Ltd grew its stake in Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after buying an additional 284 shares during the last quarter. Wayfinding Financial LLC acquired a new position in Fortinet in the 1st quarter valued at $36,000. Finally, Mechanics Financial Corp acquired a new position in Fortinet in the 1st quarter valued at $36,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction dated 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 sale, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fortinet in a research note on Saturday. Citigroup lowered shares of Fortinet from a “neutral” rating to a “mixed” rating in a research note on Monday, October 20th. Wells Fargo & Company decreased their price target on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. Truist Financial decreased their price target on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, August 7th. Finally, TD Cowen restated a “hold” rating and issued a $105.00 price target on shares of Fortinet in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $97.03.

Fortinet Price Performance

Shares of Fortinet stock opened at $85.56 on Monday. 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 firm’s 50-day simple moving average is $81.97 and its 200-day simple moving average is $93.93. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The firm has a market cap of $65.56 billion, a P/E ratio of 34.09, a price-to-earnings-growth ratio of 3.22 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the previous year, the business earned $0.57 EPS. The firm’s revenue was up 13.6% on a year-over-year basis. As a group, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.