Gould Capital LLC Acquires New Shares in Fortinet, Inc. $FTNT

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

Other hedge funds have also bought and sold shares of the company. Ritholtz Wealth Management grew its stake in Fortinet by 38.4% in the 1st 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 in the last quarter. Dynamic Advisor Solutions LLC bought a new position in Fortinet in the 1st quarter valued at $216,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Fortinet by 40.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker’s stock valued at $12,650,000 after purchasing an additional 38,080 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Fortinet by 14.9% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker’s stock valued at $11,763,000 after purchasing an additional 16,139 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Fortinet by 18.9% in the 1st quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker’s stock valued at $1,928,000 after purchasing an additional 3,189 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director William H. Neukom acquired 335 shares of the firm’s stock in a transaction on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the transaction, the director owned 301,471 shares of the company’s stock, valued at $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $46,935,174.08. Following the completion of the transaction, the vice president 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 disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on FTNT shares. TD Cowen reissued a “hold” rating and issued a $105.00 price target on shares of Fortinet in a report on Thursday, August 7th. Scotiabank cut their price target on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a report on Thursday, August 7th. Wedbush cut their price target on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Thursday, August 7th. Robert W. Baird raised their price target on shares of Fortinet from $110.00 to $113.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. Finally, Cantor Fitzgerald lifted their price objective on shares of Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $97.40.

Fortinet Stock Performance

Fortinet stock opened at $77.75 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $59.58 billion, a PE ratio of 30.98, a P/E/G ratio of 3.02 and a beta of 1.07. The firm has a fifty day simple moving average of $97.40 and a two-hundred day simple moving average of $100.31. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82.

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, topping the consensus estimate of $0.59 by $0.05. The business had revenue of $1.63 billion during 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 firm’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 earnings per share. Research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

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.