USA Financial Formulas Grows Position in Fortinet, Inc. (NASDAQ:FTNT)

USA Financial Formulas boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 69.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 25,223 shares of the software maker’s stock after acquiring an additional 10,297 shares during the quarter. Fortinet comprises approximately 0.4% of USA Financial Formulas’ portfolio, making the stock its 14th biggest holding. USA Financial Formulas’ holdings in Fortinet were worth $2,428,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. SJS Investment Consulting Inc. raised its position in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after acquiring an additional 225 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new position in Fortinet in the fourth quarter worth $27,000. Oarsman Capital Inc. raised its position in Fortinet by 188.9% in the fourth quarter. Oarsman Capital Inc. now owns 416 shares of the software maker’s stock worth $39,000 after acquiring an additional 272 shares in the last quarter. Graney & King LLC purchased a new position in Fortinet in the fourth quarter worth $43,000. Finally, Banque Transatlantique SA purchased a new position in Fortinet in the fourth quarter worth $43,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on FTNT shares. Cantor Fitzgerald cut their price objective on Fortinet from $115.00 to $100.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Wells Fargo & Company lowered their target price on Fortinet from $105.00 to $95.00 and set an “equal weight” rating on the stock in a report on Thursday, May 8th. Royal Bank of Canada lowered their target price on Fortinet from $110.00 to $105.00 and set a “sector perform” rating on the stock in a report on Thursday, May 8th. Wolfe Research initiated coverage on Fortinet in a report on Monday, May 12th. They issued a “peer perform” rating on the stock. Finally, Jefferies Financial Group lowered their target price on Fortinet from $115.00 to $105.00 and set a “hold” rating on the stock in a report on Monday, March 31st. One analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $104.80.

Fortinet Stock Down 0.4%

FTNT opened at $101.63 on Wednesday. The business’s fifty day simple moving average is $100.51 and its 200 day simple moving average is $99.95. The company has a quick ratio of 1.39, a current ratio of 1.47 and a debt-to-equity ratio of 0.67. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The firm has a market cap of $77.79 billion, a P/E ratio of 44.97, a PEG ratio of 4.19 and a beta of 1.06.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the company earned $0.43 EPS. The firm’s quarterly revenue was up 13.8% on a year-over-year basis. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $106.10, for a total value of $16,815,576.80. Following the sale, the chief executive officer now directly owns 51,391,879 shares of the company’s stock, valued at approximately $5,452,678,361.90. This trade represents a 0.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Neukom purchased 335 shares of the firm’s stock in a transaction on Friday, June 6th. The stock was acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the purchase, the director now owns 301,471 shares in the company, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The disclosure for this purchase can be found here. 17.20% of the stock is owned by corporate insiders.

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.