Fortinet, Inc. (NASDAQ:FTNT) Stake Boosted by Andar Capital Management HK Ltd

Andar Capital Management HK Ltd boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 150.0% during the fourth quarter, Holdings Channel.com reports. The firm owned 110,000 shares of the software maker’s stock after buying an additional 66,000 shares during the quarter. Fortinet makes up approximately 9.1% of Andar Capital Management HK Ltd’s portfolio, making the stock its 3rd biggest position. Andar Capital Management HK Ltd’s holdings in Fortinet were worth $6,438,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the company. Iyo Bank Ltd. purchased a new position in Fortinet during the fourth quarter worth about $498,000. Savant Capital LLC raised its stake in Fortinet by 56.7% during the fourth quarter. Savant Capital LLC now owns 5,937 shares of the software maker’s stock worth $347,000 after purchasing an additional 2,149 shares during the period. Kestra Private Wealth Services LLC increased its position in shares of Fortinet by 5.8% during the fourth quarter. Kestra Private Wealth Services LLC now owns 15,856 shares of the software maker’s stock valued at $928,000 after acquiring an additional 869 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Fortinet by 17.6% during the fourth quarter. Van ECK Associates Corp now owns 2,926,924 shares of the software maker’s stock valued at $171,313,000 after acquiring an additional 438,476 shares during the last quarter. Finally, Dover Advisors LLC acquired a new stake in shares of Fortinet during the fourth quarter valued at about $226,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

NASDAQ:FTNT traded up $1.43 during mid-day trading on Wednesday, hitting $64.61. 2,681,390 shares of the company’s stock traded hands, compared to its average volume of 5,710,663. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The firm’s 50 day simple moving average is $67.78 and its 200 day simple moving average is $61.87. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The company has a market cap of $49.32 billion, a PE ratio of 43.73, a price-to-earnings-growth ratio of 2.85 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period last year, the firm posted $0.38 EPS. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. Sell-side analysts expect that Fortinet, Inc. will post 1.39 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at approximately $3,471,825,357. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Michael Xie sold 38,369 shares of the firm’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now directly owns 48,625,005 shares in the company, valued at $3,471,825,357. The disclosure for this sale can be found here. In the last three months, insiders sold 132,139 shares of company stock worth $8,977,876. 17.54% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Susquehanna reiterated a “neutral” rating and set a $80.00 price target on shares of Fortinet in a research report on Wednesday, April 3rd. Stifel Nicolaus lifted their price target on shares of Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a research report on Wednesday, February 7th. Daiwa Capital Markets upgraded shares of Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price target for the company in a research report on Tuesday, February 13th. Morgan Stanley lifted their price target on shares of Fortinet from $77.00 to $81.00 and gave the company an “overweight” rating in a research report on Wednesday, February 7th. Finally, Sanford C. Bernstein initiated coverage on shares of Fortinet in a research report on Thursday, January 18th. They set a “market perform” rating and a $65.00 price target for the company. Two research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $72.19.

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.