Slow Capital Inc. Has $2.72 Million Stock Position in Fortinet Inc (NASDAQ:FTNT)
Slow Capital Inc. decreased its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 1.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,350 shares of the software maker’s stock after selling 629 shares during the quarter. Fortinet comprises about 1.1% of Slow Capital Inc.’s portfolio, making the stock its 22nd biggest holding. Slow Capital Inc.’s holdings in Fortinet were worth $2,716,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently bought and sold shares of FTNT. Wedbush Securities Inc. increased its holdings in shares of Fortinet by 29.9% during the 2nd quarter. Wedbush Securities Inc. now owns 3,550 shares of the software maker’s stock worth $273,000 after acquiring an additional 817 shares during the last quarter. Stevens Capital Management LP boosted its stake in Fortinet by 112.1% in the 2nd quarter. Stevens Capital Management LP now owns 89,432 shares of the software maker’s stock valued at $6,871,000 after purchasing an additional 47,274 shares during the period. CWM LLC boosted its stake in Fortinet by 299.6% in the 2nd quarter. CWM LLC now owns 991 shares of the software maker’s stock valued at $76,000 after purchasing an additional 743 shares during the period. Cavalier Investments LLC boosted its stake in Fortinet by 12.5% in the 2nd quarter. Cavalier Investments LLC now owns 32,450 shares of the software maker’s stock valued at $2,493,000 after purchasing an additional 3,600 shares during the period. Finally, Pegasus Partners Ltd. bought a new stake in Fortinet in the 2nd quarter valued at $1,329,000. 72.38% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ:FTNT traded up $1.90 during trading on Tuesday, reaching $84.09. 74,285 shares of the company traded hands, compared to its average volume of 1,770,025. The business’s 50 day moving average price is $82.28. The company has a market capitalization of $13.98 billion, a price-to-earnings ratio of 74.42, a PEG ratio of 3.81 and a beta of 1.08. Fortinet Inc has a 52 week low of $64.41 and a 52 week high of $96.96.
In related news, VP John Whittle sold 1,250 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $82.88, for a total transaction of $103,600.00. Following the completion of the sale, the vice president now directly owns 9,309 shares in the company, valued at approximately $771,529.92. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $81.62, for a total value of $81,620.00. Following the sale, the director now owns 72,621 shares of the company’s stock, valued at $5,927,326.02. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 57,722 shares of company stock valued at $4,266,421. 17.20% of the stock is owned by corporate insiders.
FTNT has been the subject of several recent research reports. Northland Securities restated a “buy” rating and issued a $100.00 price target on shares of Fortinet in a research note on Friday, May 3rd. Cowen initiated coverage on Fortinet in a research note on Thursday, May 23rd. They issued a “market perform” rating and a $85.00 price target for the company. Robert W. Baird restated a “hold” rating and issued a $100.00 price target on shares of Fortinet in a research note on Friday, August 2nd. Barclays restated a “hold” rating and issued a $99.00 price target on shares of Fortinet in a research note on Sunday, August 4th. Finally, ValuEngine downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have issued a buy rating to the stock. Fortinet has an average rating of “Hold” and a consensus price target of $87.96.
Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.
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