Carroll Investors Inc grew its holdings in Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 5.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 70,955 shares of the software maker’s stock after purchasing an additional 3,594 shares during the quarter. Fortinet comprises 2.8% of Carroll Investors Inc’s portfolio, making the stock its 12th biggest holding. Carroll Investors Inc’s holdings in Fortinet were worth $3,486,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Ritholtz Wealth Management boosted its holdings in shares of Fortinet by 40.7% during the third quarter. Ritholtz Wealth Management now owns 10,897 shares of the software maker’s stock worth $535,000 after acquiring an additional 3,150 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Fortinet by 4.2% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 30,885 shares of the software maker’s stock worth $1,517,000 after buying an additional 1,250 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in Fortinet by 525.3% in the second quarter. Lazard Asset Management LLC now owns 479,543 shares of the software maker’s stock worth $27,132,000 after acquiring an additional 402,855 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in Fortinet during the 3rd quarter worth approximately $1,265,000. Finally, CoreCap Advisors LLC boosted its holdings in shares of Fortinet by 200.7% in the 2nd quarter. CoreCap Advisors LLC now owns 3,810 shares of the software maker’s stock worth $216,000 after buying an additional 2,543 shares during the last quarter. 64.35% of the stock is owned by institutional investors.
Insider Activity at Fortinet
In other Fortinet news, VP Michael Xie sold 240,046 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $53.72, for a total transaction of $12,895,271.12. Following the completion of the sale, the vice president now owns 29,727,018 shares in the company, valued at approximately $1,596,935,406.96. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, VP Michael Xie sold 240,046 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $53.72, for a total value of $12,895,271.12. Following the sale, the vice president now owns 29,727,018 shares of the company’s stock, valued at approximately $1,596,935,406.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Patrice Perche sold 575,494 shares of the company’s stock in a transaction on Thursday, February 9th. The stock was sold at an average price of $58.97, for a total value of $33,936,881.18. Following the transaction, the executive vice president now owns 25,730 shares of the company’s stock, valued at $1,517,298.10. The disclosure for this sale can be found here. Company insiders own 18.80% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on the stock. Citigroup upped their target price on shares of Fortinet from $65.00 to $67.00 and gave the stock a “buy” rating in a report on Wednesday, February 8th. William Blair reissued an “outperform” rating on shares of Fortinet in a research report on Thursday, January 26th. The Goldman Sachs Group initiated coverage on shares of Fortinet in a report on Tuesday, February 14th. They issued a “buy” rating and a $73.00 price objective for the company. Raymond James raised their price objective on shares of Fortinet from $60.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday, February 8th. Finally, Wells Fargo & Company lifted their price target on shares of Fortinet from $62.00 to $72.00 and gave the company an “overweight” rating in a research report on Wednesday, February 8th. Nine equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Moderate Buy” and an average target price of $69.39.
Fortinet Trading Down 1.6 %
Shares of NASDAQ:FTNT traded down $0.96 during midday trading on Tuesday, hitting $59.68. 823,878 shares of the stock were exchanged, compared to its average volume of 5,858,795. Fortinet, Inc. has a twelve month low of $42.61 and a twelve month high of $71.52. The company has a 50 day moving average price of $52.15 and a 200-day moving average price of $51.93. The stock has a market cap of $46.62 billion, a P/E ratio of 56.78, a PEG ratio of 2.99 and a beta of 1.14.
Fortinet (NASDAQ:FTNT – Get Rating) last issued its quarterly earnings results on Tuesday, February 7th. The software maker reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.05. Fortinet had a negative return on equity of 309.63% and a net margin of 19.41%. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the previous year, the firm posted $0.19 EPS. Fortinet’s revenue was up 33.1% on a year-over-year basis. On average, equities research analysts expect that Fortinet, Inc. will post 1.13 earnings per share for the current year.
Fortinet Profile
Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.