Fortinet, Inc. (NASDAQ:FTNT) is Andar Capital Management HK Ltd’s 3rd Largest Position

Andar Capital Management HK Ltd boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 150.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 110,000 shares of the software maker’s stock after buying an additional 66,000 shares during the period. Fortinet accounts for approximately 9.1% of Andar Capital Management HK Ltd’s portfolio, making the stock its 3rd largest position. Andar Capital Management HK Ltd’s holdings in Fortinet were worth $6,438,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. First Trust Direct Indexing L.P. lifted its holdings in Fortinet by 1.6% in the third quarter. First Trust Direct Indexing L.P. now owns 12,743 shares of the software maker’s stock worth $748,000 after buying an additional 197 shares during the period. Catalyst Financial Partners LLC lifted its holdings in shares of Fortinet by 5.1% during the third quarter. Catalyst Financial Partners LLC now owns 4,324 shares of the software maker’s stock valued at $254,000 after purchasing an additional 209 shares during the last quarter. Realta Investment Advisors lifted its holdings in shares of Fortinet by 6.8% during the fourth quarter. Realta Investment Advisors now owns 3,420 shares of the software maker’s stock valued at $200,000 after purchasing an additional 217 shares during the last quarter. First Foundation Advisors lifted its holdings in shares of Fortinet by 0.6% during the third quarter. First Foundation Advisors now owns 40,092 shares of the software maker’s stock valued at $2,353,000 after purchasing an additional 223 shares during the last quarter. Finally, Syntax Advisors LLC lifted its holdings in shares of Fortinet by 7.0% during the third quarter. Syntax Advisors LLC now owns 3,420 shares of the software maker’s stock valued at $201,000 after purchasing an additional 224 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Fortinet news, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the transaction, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the completion of the sale, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 132,139 shares of company stock worth $8,977,876. Insiders own 17.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. UBS Group lifted their target price on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, January 10th. StockNews.com lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, April 18th. Cantor Fitzgerald reiterated a “neutral” rating and set a $65.00 target price on shares of Fortinet in a report on Wednesday, April 17th. Wedbush reissued an “outperform” rating and set a $86.00 price target on shares of Fortinet in a research report on Wednesday. Finally, Morgan Stanley raised their price target on shares of Fortinet from $77.00 to $81.00 and gave the company an “overweight” rating in a research report on Wednesday, February 7th. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $72.19.

Fortinet Price Performance

Shares of Fortinet stock traded up $1.43 during trading hours on Wednesday, reaching $64.61. The company’s stock had a trading volume of 2,681,390 shares, compared to its average volume of 5,710,663. The stock has a market cap of $49.32 billion, a P/E ratio of 43.73, a P/E/G ratio of 2.85 and a beta of 1.08. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The firm has a 50 day moving average price of $67.78 and a 200-day moving average price of $61.87. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating the consensus estimate of $0.43 by $0.08. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.38 EPS. On average, analysts predict that Fortinet, Inc. will post 1.39 EPS for the current year.

Fortinet Company Profile

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.