Norden Group LLC Takes $2.28 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Norden Group LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 33,337 shares of the software maker’s stock, valued at approximately $2,277,000.

A number of other hedge funds also recently made changes to their positions in FTNT. Rise Advisors LLC lifted its stake in Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the last quarter. Vima LLC bought a new stake in shares of Fortinet during the 4th quarter valued at about $25,000. Atwood & Palmer Inc. purchased a new position in shares of Fortinet during the 4th quarter worth approximately $29,000. Headinvest LLC bought a new position in Fortinet in the third quarter worth $29,000. Finally, Creekmur Asset Management LLC purchased a new position in Fortinet during the 4th quarter valued at about $32,000. 83.71% of the stock is owned by institutional investors.

Insider Activity

In related news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at $700,705,320.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, Director William H. Neukom bought 586 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were purchased at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the purchase, the director now directly owns 295,778 shares in the company, valued at $17,613,579.90. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 91,638 shares of company stock worth $5,705,568. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $60.73 on Friday. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The firm has a market capitalization of $46.39 billion, a price-to-earnings ratio of 39.69, a PEG ratio of 2.96 and a beta of 0.98. The stock has a 50 day moving average price of $60.27 and a 200 day moving average price of $63.78.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.29 EPS. Analysts forecast that Fortinet, Inc. will post 1.47 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Scotiabank lowered their price target on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating for the company in a research report on Friday, May 3rd. Royal Bank of Canada reduced their target price on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a report on Friday, May 3rd. Evercore ISI cut their price objective on Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a research note on Friday, May 3rd. Rosenblatt Securities reiterated a “buy” rating and issued a $85.00 price target on shares of Fortinet in a research note on Tuesday, June 11th. Finally, HSBC reduced their price objective on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $70.03.

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.