Buckhead Capital Management LLC Grows Stake in Fortinet, Inc. (NASDAQ:FTNT)

Buckhead Capital Management LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,134 shares of the software maker’s stock after buying an additional 187 shares during the period. Buckhead Capital Management LLC’s holdings in Fortinet were worth $1,764,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Headinvest LLC acquired a new stake in shares of Fortinet during the third quarter worth $29,000. Atwood & Palmer Inc. acquired a new stake in shares of Fortinet during the fourth quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of Fortinet during the third quarter worth $37,000. Rakuten Securities Inc. acquired a new stake in shares of Fortinet during the fourth quarter worth $43,000. Finally, CVA Family Office LLC acquired a new stake in shares of Fortinet during the fourth quarter worth $46,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

NASDAQ FTNT traded up $0.35 during trading hours on Wednesday, hitting $63.53. 4,273,402 shares of the company’s stock traded hands, compared to its average volume of 5,731,044. The firm’s 50-day moving average is $67.78 and its 200-day moving average is $61.87. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.06. The company has a market capitalization of $48.49 billion, a PE ratio of 43.73, a PEG ratio of 2.85 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the prior year, the company posted $0.38 EPS. The business’s revenue for the quarter was up 10.3% on a year-over-year basis. Equities analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Insider Activity

In other news, VP Michael Xie sold 38,369 shares of the 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 sale, the vice president now owns 29,887,018 shares of the company’s stock, valued at approximately $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 38,369 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the vice president now 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 sold a total of 132,139 shares of company stock valued at $8,977,876 in the last 90 days. Company insiders own 17.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on FTNT shares. DZ Bank downgraded shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price objective for the company. in a research note on Thursday, February 8th. Jefferies Financial Group decreased their target price on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. UBS Group boosted their target price on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, January 10th. The Goldman Sachs Group boosted their target price on shares of Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, February 8th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $85.00 price objective on shares of Fortinet in a research report on Wednesday, April 3rd. Two investment analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $72.19.

Fortinet 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.