GAMMA Investing LLC Invests $508,000 in Fortinet, Inc. (NASDAQ:FTNT)

GAMMA Investing LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 7,883 shares of the software maker’s stock, valued at approximately $508,000.

Several other institutional investors also recently modified their holdings of the business. Atwood & Palmer Inc. bought a new stake in Fortinet during the 4th quarter valued at approximately $29,000. Headinvest LLC purchased a new position in shares of Fortinet in the third quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of Fortinet during the 3rd quarter worth approximately $37,000. Rakuten Securities Inc. purchased a new position in Fortinet in the fourth quarter worth about $43,000. Finally, CVA Family Office LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at $46,000. 83.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several recent research reports. Wells Fargo & Company upped their price objective on shares of Fortinet from $65.00 to $70.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. StockNews.com cut shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th. Daiwa Capital Markets upgraded Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a report on Tuesday, February 13th. Rosenblatt Securities reiterated a “buy” rating and set a $85.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. Finally, Citigroup lowered Fortinet from a “buy” rating to a “neutral” rating and boosted their target price for the company from $60.00 to $62.00 in a report on Tuesday, January 9th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $72.19.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,694 shares of Fortinet stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the sale, the vice president now directly owns 29,887,018 shares of the company’s stock, valued at $1,985,992,346.10. The disclosure for this sale can be found here. Insiders have sold 132,139 shares of company stock worth $8,977,876 over the last three months. 17.54% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

FTNT traded up $0.45 on Wednesday, reaching $65.25. 1,180,620 shares of the company’s stock were exchanged, compared to its average volume of 5,790,567. The stock’s fifty day moving average price is $68.28 and its 200-day moving average price is $61.67. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The stock has a market cap of $49.79 billion, a PE ratio of 44.69, a P/E/G ratio of 2.83 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the prior year, the business posted $0.38 EPS. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. Sell-side analysts expect that Fortinet, Inc. will post 1.39 EPS for the current year.

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.