Roundview Capital LLC Grows Stock Holdings in Fortinet, Inc. $FTNT

Roundview Capital LLC raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.3% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 40,370 shares of the software maker’s stock after buying an additional 3,425 shares during the period. Roundview Capital LLC’s holdings in Fortinet were worth $4,268,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of FTNT. Vanguard Group Inc. raised its stake in shares of Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after acquiring an additional 3,546,934 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Fortinet by 40.9% in the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after acquiring an additional 1,733,670 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Fortinet in the first quarter valued at $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Fortinet by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after acquiring an additional 1,026,277 shares in the last quarter. Finally, AustralianSuper Pty Ltd raised its stake in shares of Fortinet by 127.6% in the first quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker’s stock valued at $144,038,000 after acquiring an additional 839,028 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Michael Xie sold 476,596 shares of the business’s stock in a transaction dated 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 completion of the sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Up 0.7%

Fortinet stock opened at $86.38 on Tuesday. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The stock has a market cap of $66.19 billion, a PE ratio of 34.41, a P/E/G ratio of 3.24 and a beta of 1.09. The stock’s fifty day moving average is $82.98 and its two-hundred day moving average is $94.95.

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

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FTNT shares. Wall Street Zen cut Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Cowen cut Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 7th. Scotiabank reduced their price objective on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 7th. Truist Financial reduced their price objective on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada reduced their price objective on Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average target price of $97.03.

About Fortinet

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.