Berger Financial Group Inc raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 0.9% in the second quarter, according to its most recent filing with the SEC. The firm owned 57,798 shares of the software maker’s stock after purchasing an additional 533 shares during the quarter. Berger Financial Group Inc’s holdings in Fortinet were worth $6,110,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of FTNT. Vanguard Group Inc. lifted its holdings in 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 buying an additional 3,546,934 shares during the period. AQR Capital Management LLC lifted its stake in shares of Fortinet by 40.9% in the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after purchasing an additional 1,733,670 shares during the period. Nuveen LLC bought a new stake in shares of Fortinet during the 1st quarter valued at about $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Fortinet by 17.1% during 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 worth $675,405,000 after purchasing an additional 1,026,277 shares during the period. Finally, AustralianSuper Pty Ltd increased its holdings in Fortinet by 127.6% in the first quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker’s stock worth $144,038,000 after purchasing an additional 839,028 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.
Insider Activity
In related news, CEO Ken Xie sold 158,486 shares of Fortinet 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 $15,607,701.28. Following the sale, the chief executive officer 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 SEC, which can be accessed through this hyperlink. Also, 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 completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.
Fortinet Stock Performance
Fortinet (NASDAQ:FTNT – Get Free Report) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business’s revenue was up 13.6% compared to the same quarter last year. During the same period last year, the firm posted $0.57 EPS. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.
Analyst Upgrades and Downgrades
FTNT has been the topic of a number of research analyst reports. KeyCorp cut Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 7th. Stifel Nicolaus cut their target price on shares of Fortinet from $95.00 to $85.00 and set a “hold” rating on the stock in a research note on Thursday, August 7th. TD Cowen reaffirmed a “hold” rating and issued a $105.00 price target on shares of Fortinet in a research note on Thursday, August 7th. Scotiabank dropped their price objective on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 7th. Finally, JPMorgan Chase & Co. reduced their target price on Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $97.03.
Read Our Latest Stock Analysis on Fortinet
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.
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