Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Warther Private Wealth LLC

Warther Private Wealth LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 8.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 114,150 shares of the software maker’s stock after acquiring an additional 9,255 shares during the period. Fortinet comprises approximately 3.1% of Warther Private Wealth LLC’s investment portfolio, making the stock its 16th largest position. Warther Private Wealth LLC’s holdings in Fortinet were worth $8,852,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in FTNT. Vanguard Group Inc. boosted its holdings in Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after purchasing an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after buying an additional 30,542,551 shares during the period. Swedbank AB lifted its position in Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after acquiring an additional 134,366 shares during the period. Marshall Wace LLP grew its position in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after buying an additional 4,148,520 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after acquiring an additional 2,802,446 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have issued reports on FTNT. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Morgan Stanley reduced their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. Truist Financial lifted their price target on shares of Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday. Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 target price for the company. in a research note on Thursday, October 17th. Finally, Susquehanna lifted their price target on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $73.25.

Fortinet Stock Performance

Shares of FTNT opened at $81.17 on Friday. The firm has a 50-day moving average of $77.52 and a 200-day moving average of $66.98. The company has a market cap of $62.01 billion, a PE ratio of 52.69, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet, Inc. has a one year low of $44.12 and a one year high of $83.77.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.31 earnings per share. As a group, equities analysts forecast that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,250 shares of company stock valued at $6,790,149 over the last three months. 18.00% of the stock is owned by insiders.

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.