Donoghue Forlines LLC Boosts Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Donoghue Forlines LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,993 shares of the software maker’s stock after acquiring an additional 1,202 shares during the quarter. Donoghue Forlines LLC’s holdings in Fortinet were worth $2,213,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. SJS Investment Consulting Inc. increased its holdings in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock valued at $25,000 after buying an additional 225 shares during the last quarter. Clearstead Trust LLC purchased a new position in Fortinet in the first quarter valued at $28,000. ORG Partners LLC increased its holdings in Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after buying an additional 112 shares during the last quarter. EQ Wealth Advisors LLC purchased a new position in Fortinet in the first quarter valued at $35,000. Finally, Wayfinding Financial LLC purchased a new position in Fortinet in the first quarter valued at $36,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $74.39 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The company has a market cap of $56.94 billion, a P/E ratio of 29.64, a PEG ratio of 2.59 and a beta of 1.07. Fortinet, Inc. has a 52 week low of $67.97 and a 52 week high of $114.82. The company has a 50-day moving average price of $101.76 and a 200 day moving average price of $101.60.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the firm earned $0.57 EPS. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. Research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the transaction, the vice president directly owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% 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 158,486 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on FTNT. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 target price (down previously from $125.00) on shares of Fortinet in a report on Thursday. Wells Fargo & Company dropped their target price on Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a report on Thursday. Wolfe Research began coverage on Fortinet in a report on Monday, May 12th. They issued a “peer perform” rating on the stock. Cantor Fitzgerald increased their target price on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, July 16th. Finally, KeyCorp lowered Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, twenty-five have assigned a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $97.93.

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.