Kowal Investment Group LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) in the 1st quarter, Holdings Channel.com reports. The fund bought 3,854 shares of the software maker’s stock, valued at approximately $256,000.
A number of other hedge funds have also recently added to or reduced their stakes in FTNT. AustralianSuper Pty Ltd grew its holdings in Fortinet by 37.8% in the first quarter. AustralianSuper Pty Ltd now owns 1,961,918 shares of the software maker’s stock valued at $130,389,000 after purchasing an additional 538,213 shares during the period. Daymark Wealth Partners LLC grew its holdings in shares of Fortinet by 66.5% during the 1st quarter. Daymark Wealth Partners LLC now owns 9,352 shares of the software maker’s stock worth $622,000 after purchasing an additional 3,734 shares during the period. Shaker Investments LLC OH raised its holdings in Fortinet by 1.3% in the first quarter. Shaker Investments LLC OH now owns 41,687 shares of the software maker’s stock valued at $2,771,000 after buying an additional 520 shares during the period. DnB Asset Management AS grew its stake in Fortinet by 5.3% during the first quarter. DnB Asset Management AS now owns 117,134 shares of the software maker’s stock worth $7,785,000 after buying an additional 5,902 shares during the period. Finally, MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its stake in shares of Fortinet by 89.1% in the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 249,465 shares of the software maker’s stock valued at $16,579,000 after acquiring an additional 117,508 shares during the period. 64.21% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Fortinet
In other Fortinet news, Director William H. Neukom purchased 423 shares of the business’s stock in a transaction dated Tuesday, April 11th. The stock was bought at an average cost of $67.40 per share, for a total transaction of $28,510.20. Following the completion of the acquisition, the director now directly owns 290,716 shares in the company, valued at $19,594,258.40. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director William H. Neukom bought 423 shares of Fortinet stock in a transaction that occurred on Tuesday, April 11th. The stock was acquired at an average price of $67.40 per share, for a total transaction of $28,510.20. Following the completion of the purchase, the director now owns 290,716 shares in the company, valued at $19,594,258.40. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 5,050 shares of Fortinet stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $68.23, for a total value of $344,561.50. Following the sale, the chief financial officer now directly owns 4,572 shares in the company, valued at $311,947.56. The disclosure for this sale can be found here. Insiders sold a total of 67,128 shares of company stock worth $4,504,788 in the last 90 days. 17.54% of the stock is owned by company insiders.
Fortinet Stock Performance
Shares of NASDAQ FTNT opened at $74.31 on Thursday. The company has a market capitalization of $58.35 billion, a P/E ratio of 61.41, a price-to-earnings-growth ratio of 3.50 and a beta of 1.15. The business’s 50-day moving average price is $69.01 and its two-hundred day moving average price is $61.68. Fortinet, Inc. has a one year low of $42.61 and a one year high of $76.27. The company has a debt-to-equity ratio of 86.92, a current ratio of 1.34 and a quick ratio of 1.24.
Fortinet (NASDAQ:FTNT – Free Report) last released its quarterly earnings data on Thursday, May 4th. The software maker reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.05. The business had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.20 billion. Fortinet had a net margin of 20.46% and a negative return on equity of 282.54%. Fortinet’s quarterly revenue was up 32.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.17 EPS. Analysts anticipate that Fortinet, Inc. will post 1.19 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Several analysts recently issued reports on FTNT shares. Mizuho raised their price objective on Fortinet from $68.00 to $74.00 and gave the company a “buy” rating in a research report on Monday, April 17th. Truist Financial began coverage on Fortinet in a report on Friday, April 21st. They set a “buy” rating and a $82.00 target price on the stock. Morgan Stanley upped their price target on Fortinet from $70.00 to $77.00 and gave the stock an “overweight” rating in a report on Wednesday, April 19th. Jefferies Financial Group boosted their target price on shares of Fortinet from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, April 20th. Finally, Bank of America raised their price target on shares of Fortinet from $75.00 to $83.00 in a report on Friday, June 16th. Seven investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $72.57.
Fortinet Company Profile
Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.
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