Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Dover Advisors LLC

by · The Markets Daily

Dover Advisors LLC lifted its stake in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 11.8% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 14,716 shares of the software maker’s stock after acquiring an additional 1,551 shares during the quarter. Dover Advisors LLC’s holdings in Fortinet were worth $1,141,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of FTNT. Syon Capital LLC boosted its position in shares of Fortinet by 17.5% in the fourth quarter. Syon Capital LLC now owns 5,100 shares of the software maker’s stock worth $299,000 after buying an additional 758 shares during the period. EP Wealth Advisors LLC purchased a new position in Fortinet in the fourth quarter valued at about $247,000. Creekmur Asset Management LLC purchased a new position in Fortinet in the fourth quarter valued at about $32,000. Fisher Asset Management LLC boosted its holdings in Fortinet by 24.7% in the fourth quarter. Fisher Asset Management LLC now owns 11,961 shares of the software maker’s stock valued at $700,000 after purchasing an additional 2,373 shares during the last quarter. Finally, Nomura Holdings Inc. boosted its holdings in Fortinet by 227.3% in the fourth quarter. Nomura Holdings Inc. now owns 28,446 shares of the software maker’s stock valued at $1,665,000 after purchasing an additional 19,754 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 0.2 %

Shares of Fortinet stock traded down $0.19 during midday trading on Tuesday, hitting $82.64. The company’s stock had a trading volume of 5,365,783 shares, compared to its average volume of 5,564,427. The firm has a market capitalization of $63.13 billion, a P/E ratio of 54.01, a PEG ratio of 2.84 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year 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 stock has a 50-day simple moving average of $76.06 and a 200-day simple moving average of $66.36.

Fortinet (NASDAQ:FTNT – Get Free Report) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating 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 the consensus estimate of $1.40 billion. During the same quarter in the prior year, the company earned $0.31 EPS. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have issued reports on FTNT shares. Citigroup upped their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Royal Bank of Canada upped their price objective on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Wedbush reiterated an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research report on Wednesday, August 7th. Finally, DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research report on Thursday, August 8th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $72.64.

Read Our Latest Research Report on FTNT

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated 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 transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated Wednesday, September 18th. The stock was 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 directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 71,943 shares of company stock valued at $4,881,539. 18.00% of the stock is owned by insiders.

Fortinet Company Profile

(Free Report)

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.

Further Reading

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