Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 57.7% in the 2nd quarter, Holdings Channel reports. The firm owned 1,328 shares of the software maker’s stock after acquiring an additional 486 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Fortinet were worth $321,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. TCI Wealth Advisors Inc. increased its position in shares of Fortinet by 33.0% during the 2nd quarter. TCI Wealth Advisors Inc. now owns 141 shares of the software maker’s stock worth $34,000 after purchasing an additional 35 shares during the last quarter. Jacobi Capital Management LLC increased its position in shares of Fortinet by 102.2% during the 1st quarter. Jacobi Capital Management LLC now owns 188 shares of the software maker’s stock worth $35,000 after purchasing an additional 95 shares during the last quarter. Ameritas Investment Company LLC acquired a new stake in shares of Fortinet during the 1st quarter worth about $44,000. Berman Capital Advisors LLC increased its position in shares of Fortinet by 100.0% during the 1st quarter. Berman Capital Advisors LLC now owns 286 shares of the software maker’s stock worth $51,000 after purchasing an additional 143 shares during the last quarter. Finally, Harbour Investments Inc. acquired a new stake in shares of Fortinet during the 1st quarter worth about $51,000. 68.50% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts recently commented on the company. BTIG Research raised their target price on Fortinet from $305.00 to $345.00 and gave the company a “buy” rating in a report on Friday, August 13th. They noted that the move was a valuation call. Cowen lifted their price objective on Fortinet from $305.00 to $335.00 and gave the company an “outperform” rating in a research note on Friday, July 30th. Mizuho lifted their price objective on Fortinet from $260.00 to $290.00 and gave the company a “neutral” rating in a research note on Wednesday. Royal Bank of Canada raised their target price on Fortinet from $208.00 to $248.00 and gave the stock a “sector perform” rating in a research report on Friday, July 30th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Fortinet from $242.00 to $250.00 and gave the stock a “hold” rating in a research report on Friday, July 30th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $236.19.

In other Fortinet news, CFO Keith Jensen sold 7,992 shares of the company’s stock in a transaction dated Tuesday, August 24th. The stock was sold at an average price of $301.31, for a total transaction of $2,408,069.52. Following the completion of the sale, the chief financial officer now directly owns 3,342 shares in the company, valued at $1,006,978.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 2,088 shares of the company’s stock in a transaction dated Monday, August 2nd. The stock was sold at an average price of $281.20, for a total value of $587,145.60. Following the completion of the sale, the vice president now directly owns 1,095 shares of the company’s stock, valued at approximately $307,914. The disclosure for this sale can be found here. Insiders sold 50,080 shares of company stock valued at $15,046,015 over the last quarter. Insiders own 18.60% of the company’s stock.

Shares of NASDAQ:FTNT traded down $5.40 on Friday, hitting $298.66. The company had a trading volume of 9,888 shares, compared to its average volume of 1,078,778. The company has a market cap of $48.78 billion, a PE ratio of 98.08, a PEG ratio of 7.68 and a beta of 1.12. The business has a 50 day moving average of $292.21 and a 200 day moving average of $236.46. Fortinet, Inc. has a 52-week low of $106.75 and a 52-week high of $322.00. The company has a current ratio of 1.96, a quick ratio of 1.88 and a debt-to-equity ratio of 0.94.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, July 29th. The software maker reported $0.95 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.07. The firm had revenue of $801.10 million during the quarter, compared to analyst estimates of $741.76 million. Fortinet had a return on equity of 49.90% and a net margin of 17.69%. During the same period in the prior year, the firm posted $0.82 earnings per share. As a group, equities analysts predict that Fortinet, Inc. will post 2.84 EPS for the current year.

About Fortinet

Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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