Redwood Investment Management LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) during the 2nd quarter, Holdings Channel reports. The fund acquired 14,845 shares of the software maker’s stock, valued at approximately $2,280,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FTNT. Brighton Jones LLC boosted its holdings in shares of Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after purchasing an additional 221 shares during the period. Bison Wealth LLC purchased a new stake in Fortinet during the 4th quarter valued at $585,000. HUB Investment Partners LLC raised its holdings in Fortinet by 29.1% during the 2nd quarter. HUB Investment Partners LLC now owns 5,299 shares of the software maker’s stock valued at $560,000 after buying an additional 1,193 shares during the period. Diversify Advisory Services LLC bought a new stake in Fortinet in the second quarter worth $1,136,000. Finally, Quantinno Capital Management LP lifted its position in Fortinet by 27.4% in the second quarter. Quantinno Capital Management LP now owns 144,989 shares of the software maker’s stock worth $15,328,000 after buying an additional 31,202 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.
Fortinet Stock Performance
Fortinet stock opened at $157.54 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.19 and a current ratio of 1.28. The company has a market capitalization of $115.59 billion, a PE ratio of 55.47, a P/E/G ratio of 2.91 and a beta of 1.07. The company has a 50 day moving average price of $156.69 and a 200-day moving average price of $119.45. Fortinet, Inc. has a fifty-two week low of $73.55 and a fifty-two week high of $172.09.
Insiders Place Their Bets
In other news, CEO Ken Xie sold 161,482 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the transaction, the chief executive officer owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. This trade represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, VP Michael Xie sold 3,907 shares of Fortinet stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $146.44, for a total value of $572,141.08. Following the completion of the sale, the vice president owned 9,923,610 shares of the company’s stock, valued at $1,453,213,448.40. The trade was a 0.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 329,142 shares of company stock worth $50,731,178 in the last three months. Corporate insiders own 17.60% of the company’s stock.
Analysts Set New Price Targets
A number of research firms have weighed in on FTNT. JPMorgan Chase & Co. boosted their price objective on shares of Fortinet from $73.00 to $75.00 and gave the company an “underweight” rating in a research report on Thursday, May 7th. Wall Street Zen upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Monday, August 3rd. Wells Fargo & Company set a $135.00 price target on shares of Fortinet and gave the stock an “underweight” rating in a research note on Thursday, July 30th. UBS Group reiterated a “neutral” rating and set a $180.00 price target on shares of Fortinet in a report on Thursday, July 30th. Finally, Mizuho set a $125.00 price objective on shares of Fortinet and gave the stock an “underperform” rating in a research report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, twenty have issued a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus price target of $150.91.
Read Our Latest Report on FTNT
Fortinet Company Profile
Fortinet, Inc (NASDAQ: FTNT) is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.
Fortinet’s product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.
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