Y Intercept Hong Kong Ltd Raises Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Y Intercept Hong Kong Ltd raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,116 shares of the software maker’s stock after purchasing an additional 240 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Fortinet were worth $974,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Ritholtz Wealth Management increased its position in Fortinet by 38.4% during the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker’s stock valued at $654,000 after purchasing an additional 1,885 shares during the period. Dynamic Advisor Solutions LLC purchased a new position in Fortinet during the 1st quarter valued at $216,000. Wealth Enhancement Advisory Services LLC increased its position in Fortinet by 40.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker’s stock valued at $12,650,000 after purchasing an additional 38,080 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Fortinet by 14.9% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker’s stock valued at $11,763,000 after purchasing an additional 16,139 shares during the period. Finally, GAMMA Investing LLC increased its position in Fortinet by 18.9% during the 1st quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker’s stock valued at $1,928,000 after purchasing an additional 3,189 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom bought 335 shares of the firm’s stock in a transaction on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director owned 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Company insiders own 17.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FTNT. Stephens began coverage on shares of Fortinet in a research report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 target price on the stock. Stifel Nicolaus reduced their target price on shares of Fortinet from $115.00 to $95.00 and set a “hold” rating on the stock in a research report on Thursday, May 8th. Barclays set a $110.00 target price on shares of Fortinet and gave the stock an “equal weight” rating in a research report on Monday, July 14th. Royal Bank Of Canada reduced their target price on shares of Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a research report on Thursday, May 8th. Finally, BMO Capital Markets reduced their target price on shares of Fortinet from $122.00 to $110.00 and set a “market perform” rating on the stock in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $106.48.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $104.82 on Friday. The firm’s 50 day moving average price is $103.48 and its 200-day moving average price is $101.57. Fortinet, Inc. has a twelve month low of $54.57 and a twelve month high of $114.82. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $80.23 billion, a PE ratio of 43.14, a price-to-earnings-growth ratio of 3.61 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The firm had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the prior year, the business earned $0.43 EPS. The business’s quarterly revenue was up 13.8% on a year-over-year basis. Equities research analysts expect that Fortinet, Inc. will post 2.09 EPS 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.