Gould Capital LLC Acquires Shares of 9,428 Fortinet, Inc. $FTNT

Gould Capital LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 9,428 shares of the software maker’s stock, valued at approximately $908,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ritholtz Wealth Management increased its position in shares of Fortinet by 38.4% during the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker’s stock valued at $654,000 after buying an additional 1,885 shares during the period. Dynamic Advisor Solutions LLC purchased a new position in shares of Fortinet during the first quarter valued at about $216,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Fortinet by 40.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker’s stock valued at $12,650,000 after buying an additional 38,080 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Fortinet by 14.9% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker’s stock valued at $11,763,000 after buying an additional 16,139 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Fortinet by 18.9% during the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker’s stock valued at $1,928,000 after buying an additional 3,189 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on FTNT. Citigroup reiterated a “neutral” rating and set a $85.00 price target (down previously from $110.00) on shares of Fortinet in a research report on Monday. Cowen cut shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. Barclays reduced their price target on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. Wall Street Zen cut shares of Fortinet from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Finally, Wedbush cut their price objective on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $97.40.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 476,596 shares of the company’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William H. Neukom acquired 335 shares of the stock in a transaction that occurred on Friday, June 6th. The shares were bought at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the transaction, the director owned 301,471 shares of the company’s stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 17.20% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $77.75 on Friday. The firm’s 50-day simple moving average is $97.40 and its two-hundred day simple moving average is $100.31. The stock has a market cap of $59.58 billion, a PE ratio of 30.98, a price-to-earnings-growth ratio of 3.02 and a beta of 1.07. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business’s revenue was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.