Ceeto Capital Group LLC Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

Ceeto Capital Group LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 26.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,150 shares of the software maker’s stock after purchasing an additional 3,200 shares during the quarter. Ceeto Capital Group LLC’s holdings in Fortinet were worth $1,035,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after acquiring an additional 30,542,551 shares in the last quarter. Norges Bank bought a new stake in shares of Fortinet in the fourth quarter valued at about $203,501,000. Sarasin & Partners LLP bought a new stake in shares of Fortinet in the first quarter valued at about $120,746,000. Bessemer Group Inc. raised its holdings in shares of Fortinet by 102.5% in the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock valued at $224,344,000 after acquiring an additional 1,662,156 shares in the last quarter. Finally, Parnassus Investments LLC raised its holdings in shares of Fortinet by 223.6% in the fourth quarter. Parnassus Investments LLC now owns 1,366,467 shares of the software maker’s stock valued at $79,979,000 after acquiring an additional 944,161 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

NASDAQ FTNT traded down $0.31 during trading hours on Friday, reaching $57.00. The stock had a trading volume of 4,244,996 shares, compared to its average volume of 4,748,436. The stock has a fifty day moving average of $59.57 and a 200 day moving average of $63.86. The stock has a market cap of $43.54 billion, a P/E ratio of 37.26, a price-to-earnings-growth ratio of 2.78 and a beta of 0.98. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $78.58.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the prior year, the firm posted $0.29 EPS. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, equities research analysts forecast that Fortinet, Inc. will post 1.47 EPS for the current year.

Analyst Upgrades and Downgrades

FTNT has been the subject of several recent research reports. Royal Bank of Canada decreased their price objective on Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a report on Friday, May 3rd. Cantor Fitzgerald reduced their target price on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. HSBC reduced their target price on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating for the company in a report on Friday, May 3rd. BMO Capital Markets reduced their target price on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating for the company in a report on Friday, May 3rd. Finally, Jefferies Financial Group reduced their target price on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a report on Thursday, April 18th. Two equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $69.90.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Fortinet news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 24,235 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the transaction, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,913 shares of company stock worth $5,608,349. Corporate insiders own 18.00% of the company’s stock.

About Fortinet

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.