Fortinet, Inc. $FTNT Shares Bought by Eagle Capital Management LLC

Eagle Capital Management LLC grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,421 shares of the software maker’s stock after acquiring an additional 136 shares during the period. Fortinet comprises about 1.2% of Eagle Capital Management LLC’s investment portfolio, making the stock its 25th biggest holding. Eagle Capital Management LLC’s holdings in Fortinet were worth $2,793,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Trust Co. of Vermont grew its stake in shares of Fortinet by 3.6% during the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock valued at $302,000 after acquiring an additional 100 shares in the last quarter. PFG Investments LLC acquired a new position in Fortinet in the second quarter worth about $222,000. Cooper Financial Group acquired a new position in Fortinet in the second quarter worth about $2,653,000. Truist Financial Corp grew its stake in Fortinet by 6.2% in the second quarter. Truist Financial Corp now owns 44,567 shares of the software maker’s stock worth $4,712,000 after purchasing an additional 2,596 shares in the last quarter. Finally, Chicago Capital LLC grew its stake in Fortinet by 55.0% in the second quarter. Chicago Capital LLC now owns 7,768 shares of the software maker’s stock worth $821,000 after purchasing an additional 2,756 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

FTNT opened at $84.08 on Wednesday. The business’s 50 day moving average is $84.50 and its 200-day moving average is $95.30. The stock has a market cap of $64.43 billion, a PE ratio of 33.50, a price-to-earnings-growth ratio of 3.19 and a beta of 1.12. 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, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. On average, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FTNT. BMO Capital Markets decreased their price target on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research note on Thursday, August 7th. JPMorgan Chase & Co. decreased their price target on Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Erste Group Bank downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Wall Street Zen downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, TD Cowen reissued a “hold” rating and issued a $105.00 target price on shares of Fortinet in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $97.03.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,486 shares of Fortinet 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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction that occurred 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 completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is owned by company insiders.

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.