Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Seven Eight Capital LP

Seven Eight Capital LP raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 182.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,367 shares of the software maker’s stock after acquiring an additional 18,967 shares during the quarter. Seven Eight Capital LP’s holdings in Fortinet were worth $1,770,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Vima LLC acquired a new position in shares of Fortinet in the 4th quarter valued at $25,000. Winthrop Capital Management LLC acquired a new position in shares of Fortinet in the first quarter worth about $25,000. Rise Advisors LLC raised its position in shares of 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 acquiring an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at about $32,000. Finally, Oakworth Capital Inc. purchased a new position in shares of Fortinet in the 2nd quarter valued at about $33,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $74.68 on Thursday. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The firm has a market cap of $57.05 billion, a P/E ratio of 48.81, a P/E/G ratio of 2.77 and a beta of 1.00. The firm’s 50 day moving average price is $67.90 and its 200-day moving average price is $65.07. Fortinet, Inc. has a one year low of $44.12 and a one year high of $78.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the firm earned $0.31 earnings per share. The firm’s revenue was up 10.9% compared to the same quarter last year. As a group, equities research analysts predict that Fortinet, Inc. will post 1.7 EPS for the current year.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated 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 sale, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The disclosure for this sale can be found here. Insiders sold 96,210 shares of company stock worth $6,337,801 in the last three months. 18.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on FTNT. Morgan Stanley lowered their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Thursday, July 18th. JPMorgan Chase & Co. upped their price objective 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. BMO Capital Markets lifted their target price on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. Finally, Scotiabank upped their price target on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $71.57.

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.