Alpha Family Trust Purchases New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Alpha Family Trust purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, Holdings Channel.com reports. The fund purchased 3,745 shares of the software maker’s stock, valued at approximately $226,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in FTNT. Price T Rowe Associates Inc. MD increased its stake in shares of Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after buying an additional 30,542,551 shares during the period. Swedbank AB acquired a new stake in shares of Fortinet in the 1st quarter valued at $548,013,000. Norges Bank acquired a new stake in shares of Fortinet in the 4th quarter valued at $203,501,000. Van ECK Associates Corp increased its stake in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares during the period. Finally, Sarasin & Partners LLP acquired a new stake in shares of Fortinet in the 1st quarter valued at $120,746,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Up 1.8 %

FTNT stock opened at $76.34 on Tuesday. The business has a 50-day moving average of $67.59 and a 200-day moving average of $65.03. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.08. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The stock has a market capitalization of $58.32 billion, a P/E ratio of 49.90, a P/E/G ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last issued its quarterly 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. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the firm posted $0.31 earnings per share. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Cantor Fitzgerald upped their price objective on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Scotiabank upped their price objective on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their price objective on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Barclays dropped their price objective on Fortinet from $75.00 to $70.00 and set an “equal weight” rating for the company in a report on Thursday, July 11th. Finally, Robert W. Baird upped their price objective on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $71.57.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 24,267 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the sale, the chief executive officer now owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,672 shares of company stock valued at $4,573,864. Insiders own 18.00% of the company’s stock.

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.