Columbus Macro LLC Invests $242,000 in Fortinet, Inc. (NASDAQ:FTNT)

Columbus Macro LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 3,025 shares of the software maker’s stock, valued at approximately $242,000.

Several other institutional investors also recently bought and sold shares of the company. Fisher Asset Management LLC lifted its stake in Fortinet by 24.7% during the 4th quarter. Fisher Asset Management LLC now owns 11,961 shares of the software maker’s stock valued at $700,000 after acquiring an additional 2,373 shares during the period. Wedmont Private Capital raised its stake in Fortinet by 6.7% during the 1st quarter. Wedmont Private Capital now owns 4,196 shares of the software maker’s stock valued at $286,000 after buying an additional 262 shares during the last quarter. Ballentine Partners LLC lifted its holdings in shares of Fortinet by 17.5% during the 1st quarter. Ballentine Partners LLC now owns 6,882 shares of the software maker’s stock valued at $470,000 after buying an additional 1,027 shares during the period. Global Assets Advisory LLC purchased a new position in shares of Fortinet in the 1st quarter worth $4,864,000. Finally, Gateway Investment Advisers LLC grew its holdings in shares of Fortinet by 38.5% in the first quarter. Gateway Investment Advisers LLC now owns 20,869 shares of the software maker’s stock worth $1,426,000 after acquiring an additional 5,804 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

Fortinet stock opened at $81.07 on Monday. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $83.77. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The firm’s fifty day moving average is $76.78 and its 200 day moving average is $66.65. The company has a market cap of $61.93 billion, a price-to-earnings ratio of 52.99, a PEG ratio of 2.84 and a beta of 1.00.

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

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the transaction, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated Friday, August 2nd. The stock was 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 approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,250 shares of company stock worth $6,790,149 over the last ninety days. Company insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on FTNT. Rosenblatt Securities dropped their target price on Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. JPMorgan Chase & Co. increased their price target on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and set a $78.00 target price on shares of Fortinet in a research report on Wednesday, August 7th. Finally, Mizuho downgraded Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, twenty-three have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $72.71.

Fortinet Company 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.