Machina Capital S.A.S. Buys New Holdings in Fortinet, Inc. $FTNT

Machina Capital S.A.S. purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 7,363 shares of the software maker’s stock, valued at approximately $1,316,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Dunhill Financial LLC bought a new stake in shares of Fortinet during the second quarter valued at approximately $25,000. Burk Holdings LLC bought a new position in shares of Fortinet during the second quarter worth $25,000. Cornerstone Financial Management LLC boosted its position in shares of Fortinet by 102.5% during the second quarter. Cornerstone Financial Management LLC now owns 164 shares of the software maker’s stock worth $25,000 after acquiring an additional 83 shares during the last quarter. Timbuktu Capital Management LLC bought a new position in shares of Fortinet during the second quarter worth $31,000. Finally, Elevation Wealth Partners LLC grew its stake in Fortinet by 53.6% during the second quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock valued at $33,000 after acquiring an additional 75 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. TD Cowen reduced their price target on shares of Fortinet from $225.00 to $190.00 and set a “buy” rating on the stock in a report on Thursday, October 29th. Truist Financial set a $175.00 price objective on shares of Fortinet and gave the company a “buy” rating in a report on Thursday, October 29th. Stephens increased their price objective on shares of Fortinet from $160.00 to $165.00 and gave the company an “equal weight” rating in a report on Thursday, July 30th. Wells Fargo & Company cut their price objective on Fortinet from $160.00 to $115.00 and set an “underweight” rating for the company in a research report on Friday, October 30th. Finally, Stifel Nicolaus reduced their target price on Fortinet from $175.00 to $140.00 and set a “hold” rating on the stock in a report on Thursday, October 29th. Eleven research analysts have rated the stock with a Buy rating, twenty-four have given a Hold rating and six have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $150.44.

Insider Transactions at Fortinet

In other news, COO John Whittle sold 2,835 shares of the company’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $168.74, for a total transaction of $478,377.90. Following the sale, the chief operating officer directly owned 96,987 shares in the company, valued at approximately $16,365,586.38. This represents a 2.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,121 shares of the stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $129.49, for a total transaction of $404,138.29. Following the completion of the transaction, the vice president directly owned 9,918,360 shares of the company’s stock, valued at approximately $1,284,328,436.40. The trade was a 0.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 221,304 shares of company stock worth $30,675,309 in the last three months. Insiders own 17.60% of the company’s stock.

Fortinet Trading Up 1.1%

FTNT stock opened at $129.54 on Friday. The firm has a fifty day moving average price of $165.06 and a 200 day moving average price of $130.42. Fortinet, Inc. has a fifty-two week low of $73.55 and a fifty-two week high of $197.13. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.28 and a current ratio of 1.40. The firm has a market cap of $95.17 billion, a PE ratio of 42.06, a price-to-earnings-growth ratio of 2.46 and a beta of 1.04.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, October 28th. The software maker reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same quarter in the prior year, the firm earned $0.74 earnings per share. Fortinet’s revenue was up 20.5% on a year-over-year basis. Sell-side analysts anticipate that Fortinet, Inc. will post 3.21 earnings per share for the current fiscal year.

Fortinet Profile

Fortinet, Inc. is a cybersecurity and networking company that provides products and services to help organizations protect their networks, devices, applications, and cloud environments. Its offerings include FortiGate next-generation firewalls, the FortiOS operating system, and security, endpoint, cloud, and secure access service edge (SASE) solutions. The company’s Security Fabric platform is designed to integrate security and networking products and support centralized visibility and management.