Two Sigma Securities LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 9,052 shares of the software maker’s stock, valued at approximately $1,391,000.
A number of other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC grew its stake in 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 acquiring an additional 221 shares during the period. Bison Wealth LLC purchased a new position in shares of Fortinet during the 4th quarter worth $585,000. HUB Investment Partners LLC boosted its holdings in shares of Fortinet by 29.1% during the second quarter. HUB Investment Partners LLC now owns 5,299 shares of the software maker’s stock worth $560,000 after purchasing an additional 1,193 shares during the last quarter. Diversify Advisory Services LLC acquired a new stake in shares of Fortinet during the second quarter worth $1,136,000. Finally, Quantinno Capital Management LP increased its stake in shares of Fortinet by 27.4% during the 2nd quarter. Quantinno Capital Management LP now owns 144,989 shares of the software maker’s stock valued at $15,328,000 after acquiring 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 Trading Up 3.0%
Shares of NASDAQ FTNT opened at $170.93 on Tuesday. Fortinet, Inc. has a 12-month low of $73.55 and a 12-month high of $173.89. The company has a market cap of $125.41 billion, a price-to-earnings ratio of 60.19, a price-to-earnings-growth ratio of 3.15 and a beta of 1.07. The company has a current ratio of 1.28, a quick ratio of 1.19 and a debt-to-equity ratio of 0.32. The stock’s 50 day simple moving average is $158.19 and its 200 day simple moving average is $121.25.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on FTNT shares. William Blair restated a “market perform” rating on shares of Fortinet in a report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $160.00 price target on shares of Fortinet in a report on Thursday, July 30th. HC Wainwright restated a “buy” rating on shares of Fortinet in a research note on Thursday, July 30th. Barclays set a $190.00 price target on shares of Fortinet and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. Finally, Rosenblatt Securities boosted their price objective on Fortinet from $185.00 to $195.00 and gave the company a “buy” rating in a report on Thursday, July 30th. 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 assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $150.91.
Read Our Latest Stock Analysis on FTNT
Insider Activity
In related news, VP Michael Xie sold 3,907 shares of the 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 sale, the vice president owned 9,923,610 shares of the company’s stock, valued at $1,453,213,448.40. This trade represents a 0.04% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Ken Xie sold 161,482 shares of Fortinet stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the completion of the sale, the chief executive officer owned 52,972,372 shares in the company, valued at approximately $8,616,486,029.52. This represents a 0.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders have sold 168,510 shares of company stock valued at $27,346,371 in the last 90 days. Insiders own 17.60% of the company’s stock.
About Fortinet
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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