Revere Asset Management Inc acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 64,888 shares of the software maker’s stock, valued at approximately $9,968,000. Fortinet comprises approximately 3.8% of Revere Asset Management Inc’s holdings, making the stock its 3rd largest position.
Several other large investors also recently modified their holdings of the business. California State Teachers Retirement System increased its position in shares of Fortinet by 15,545.1% during the second quarter. California State Teachers Retirement System now owns 145,097,777 shares of the software maker’s stock worth $22,289,921,000 after acquiring an additional 144,170,346 shares during the last quarter. BlackRock Inc. purchased a new position in Fortinet in the second quarter valued at about $9,561,650,000. Norges Bank purchased a new position in Fortinet in the fourth quarter valued at about $1,152,917,000. Bank of New York Mellon Corp acquired a new stake in Fortinet during the 2nd quarter valued at approximately $1,432,842,000. Finally, Legal & General Group Plc acquired a new stake in Fortinet during the 2nd quarter valued at approximately $979,062,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.
Fortinet Stock Performance
Shares of Fortinet stock traded up $14.11 during trading hours on Monday, reaching $170.18. The company’s stock had a trading volume of 5,920,006 shares, compared to its average volume of 6,095,185. Fortinet, Inc. has a one year low of $73.55 and a one year high of $173.89. The company’s 50 day simple moving average is $158.99 and its 200 day simple moving average is $125.98. 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 stock has a market cap of $124.86 billion, a P/E ratio of 59.92, a price-to-earnings-growth ratio of 2.94 and a beta of 1.06.
Insider Activity at Fortinet
In other news, CEO Ken Xie sold 161,482 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 52,972,372 shares of the company’s stock, valued at approximately $8,616,486,029.52. This represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 3,121 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $162.63, for a total value of $507,568.23. Following the transaction, the vice president owned 9,918,360 shares of the company’s stock, valued at $1,613,022,886.80. This represents a 0.03% decrease in their position. The SEC filing for this sale provides additional information. 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. 17.60% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on FTNT shares. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $160.00 target price on shares of Fortinet in a research report on Thursday, July 30th. Truist Financial set a $183.00 price target on shares of Fortinet and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Wells Fargo & Company set a $135.00 price target on shares of Fortinet and gave the company an “underweight” rating in a report on Thursday, July 30th. Cantor Fitzgerald reiterated a “neutral” rating on shares of Fortinet in a research note on Monday, August 24th. Finally, Weiss Ratings raised shares of Fortinet from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, September 4th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, nineteen have assigned a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $150.91.
Get Our Latest Analysis on FTNT
About Fortinet
Fortinet, Inc develops cybersecurity products and services designed to protect enterprise, small and midsize business, service provider, and government networks. Its portfolio covers network security, endpoint protection, cloud security, secure access service edge (SASE), security operations, and zero-trust access.
The company’s offerings include FortiGate next-generation firewalls, FortiSwitch secure networking switches, FortiAP wireless access points, FortiClient endpoint security, and FortiManager and FortiAnalyzer management and analytics tools.
Featured Stories
- Five stocks we like better than Fortinet
- Analysts Are Punting Their Calls Into the Next Quarter After Adobe’s Mixed Earnings
- Institutional Money Is Pouring Into These 2 Altcoin ETFs
- The End of Big Tech Buybacks? Only One Hyperscaler Is Still Repurchasing Shares
- 3 Dividend Kings to Buy While They’re Still Beaten Down
Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT – Free Report).
Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.
