Fortinet, Inc. $FTNT Stock Holdings Lifted by Fulcrum Capital LLC

Fulcrum Capital LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.4% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 132,843 shares of the software maker’s stock after buying an additional 4,349 shares during the quarter. Fortinet makes up 3.0% of Fulcrum Capital LLC’s holdings, making the stock its 10th largest holding. Fulcrum Capital LLC’s holdings in Fortinet were worth $14,044,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Saudi Central Bank purchased a new position in shares of Fortinet during the 1st quarter valued at $25,000. Clearstead Trust LLC bought a new stake in Fortinet in the 1st quarter valued at $28,000. Caitong International Asset Management Co. Ltd increased its holdings in Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after acquiring an additional 284 shares during the last quarter. ORG Partners LLC increased its holdings in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after acquiring an additional 112 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. increased its holdings in Fortinet by 41.4% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after acquiring an additional 104 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on FTNT. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fortinet in a report on Wednesday. Evercore ISI reduced their price target on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. Cantor Fitzgerald lifted their price target on shares of Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, July 16th. Citigroup reiterated a “neutral” rating and issued a $85.00 price target (down from $110.00) on shares of Fortinet in a report on Monday, August 18th. Finally, Royal Bank Of Canada reduced their target price on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $97.03.

Insider Activity

In related news, CEO Ken Xie sold 158,486 shares of the company’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the company’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.

Fortinet Stock Performance

Fortinet stock opened at $83.06 on Friday. The company’s 50-day moving average price is $81.72 and its 200-day moving average price is $94.60. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The company has a market cap of $63.64 billion, a PE ratio of 33.09, a price-to-earnings-growth ratio of 3.25 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm’s revenue was up 13.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 EPS. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Fortinet 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.