Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Everence Capital Management Inc.

Everence Capital Management Inc. lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 42.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,990 shares of the software maker’s stock after buying an additional 3,900 shares during the period. Everence Capital Management Inc.’s holdings in Fortinet were worth $760,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Penserra Capital Management LLC grew its stake in shares of Fortinet by 6.6% in the 1st quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock valued at $226,000 after buying an additional 41 shares during the period. Evergreen Capital Management LLC lifted its holdings in shares of Fortinet by 5.2% in the 1st quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock worth $295,000 after acquiring an additional 43 shares during the last quarter. Douglass Winthrop Advisors LLC lifted its holdings in shares of Fortinet by 6.1% in the 1st quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock worth $296,000 after acquiring an additional 50 shares during the last quarter. Covestor Ltd lifted its holdings in shares of Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after acquiring an additional 57 shares during the last quarter. Finally, Sawtooth Solutions LLC lifted its holdings in shares of Fortinet by 3.7% in the 1st quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock worth $640,000 after acquiring an additional 66 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Fortinet news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction dated 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 transaction, the vice president now owns 29,887,018 shares in the company, valued at $1,985,992,346.10. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Ken Xie sold 23,694 shares of the stock in a transaction dated 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 owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the transaction, the vice president now directly owns 29,887,018 shares in the company, 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 valued at $8,977,876 in the last three months. Corporate insiders own 17.54% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $64.66 on Thursday. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The company has a market cap of $49.34 billion, a price-to-earnings ratio of 44.59, a PEG ratio of 2.86 and a beta of 1.08. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $81.24. The firm has a 50 day moving average price of $68.72 and a 200 day moving average price of $61.50.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data 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. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.38 EPS. Sell-side analysts predict that Fortinet, Inc. will post 1.39 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FTNT. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Wednesday, April 10th. Citigroup lowered shares of Fortinet from a “buy” rating to a “neutral” rating and increased their target price for the stock from $60.00 to $62.00 in a report on Tuesday, January 9th. Rosenblatt Securities reiterated a “buy” rating and set a $85.00 target price on shares of Fortinet in a report on Wednesday, April 3rd. BMO Capital Markets increased their target price on shares of Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a report on Wednesday, February 7th. Finally, Wells Fargo & Company increased their target price on shares of Fortinet from $65.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $72.03.

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.