Private Capital Group LLC Increases Stake in Fortinet Inc (NASDAQ:FTNT)

Private Capital Group LLC raised its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 171.2% in the second quarter, Holdings Channel reports. The institutional investor owned 301 shares of the software maker’s stock after acquiring an additional 190 shares during the period. Private Capital Group LLC’s holdings in Fortinet were worth $41,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the business. BlackRock Inc. lifted its position in Fortinet by 3.3% during the first quarter. BlackRock Inc. now owns 11,184,107 shares of the software maker’s stock valued at $1,131,495,000 after purchasing an additional 352,481 shares during the last quarter. State Street Corp lifted its holdings in shares of Fortinet by 0.4% in the 1st quarter. State Street Corp now owns 5,818,857 shares of the software maker’s stock worth $588,694,000 after acquiring an additional 24,632 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fortinet by 5.0% in the 1st quarter. Geode Capital Management LLC now owns 2,743,169 shares of the software maker’s stock worth $277,207,000 after acquiring an additional 130,623 shares during the last quarter. Pictet Asset Management Ltd. lifted its holdings in shares of Fortinet by 15.1% in the 1st quarter. Pictet Asset Management Ltd. now owns 1,694,771 shares of the software maker’s stock worth $171,460,000 after acquiring an additional 222,833 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of Fortinet by 51.0% in the 1st quarter. Wells Fargo & Company MN now owns 1,184,577 shares of the software maker’s stock worth $119,844,000 after acquiring an additional 399,980 shares during the last quarter. 68.37% of the stock is owned by institutional investors and hedge funds.

NASDAQ FTNT opened at $117.64 on Friday. The company has a market capitalization of $19.53 billion, a price-to-earnings ratio of 49.02, a price-to-earnings-growth ratio of 4.02 and a beta of 0.85. The company’s 50-day simple moving average is $132.33 and its two-hundred day simple moving average is $122.31. Fortinet Inc has a one year low of $70.20 and a one year high of $151.95.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, August 6th. The software maker reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.17. Fortinet had a net margin of 17.46% and a return on equity of 40.58%. The business had revenue of $615.50 million for the quarter, compared to the consensus estimate of $599.20 million. During the same quarter last year, the firm posted $0.58 EPS. The company’s revenue for the quarter was up 18.0% on a year-over-year basis. As a group, equities research analysts expect that Fortinet Inc will post 2.14 earnings per share for the current year.

In other news, VP Michael Xie sold 2,835 shares of Fortinet stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $138.72, for a total value of $393,271.20. Also, CFO Keith Jensen sold 3,600 shares of Fortinet stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $126.79, for a total transaction of $456,444.00. Following the completion of the transaction, the chief financial officer now directly owns 1,788 shares in the company, valued at approximately $226,700.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,810 shares of company stock worth $6,681,977. Insiders own 17.20% of the company’s stock.

FTNT has been the subject of several analyst reports. Mizuho restated a “hold” rating and issued a $123.00 target price on shares of Fortinet in a report on Wednesday, May 13th. Morgan Stanley raised their target price on shares of Fortinet from $116.00 to $124.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 14th. Piper Sandler raised their target price on shares of Fortinet from $125.00 to $146.00 and gave the stock an “overweight” rating in a report on Tuesday, June 16th. Wedbush raised their target price on shares of Fortinet from $150.00 to $170.00 and gave the stock an “outperform” rating in a report on Wednesday, June 3rd. Finally, BidaskClub downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $130.35.

Fortinet Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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