Fortinet, Inc. $FTNT Shares Acquired by ICONIQ Capital LLC

ICONIQ Capital LLC increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 20.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 3,926 shares of the software maker’s stock after buying an additional 660 shares during the period. ICONIQ Capital LLC’s holdings in Fortinet were worth $378,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Vanguard Group Inc. boosted its stake in Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares during the period. GAMMA Investing LLC raised its position in shares of Fortinet by 11,349.3% during the 1st quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker’s stock worth $185,551,000 after buying an additional 1,910,771 shares in the last quarter. Nuveen LLC bought a new stake in shares of Fortinet during the 1st quarter worth about $153,576,000. Northern Trust Corp raised its position in shares of Fortinet by 17.2% during the 4th quarter. Northern Trust Corp now owns 6,470,320 shares of the software maker’s stock worth $611,316,000 after buying an additional 951,233 shares in the last quarter. Finally, AustralianSuper Pty Ltd raised its position in shares of Fortinet by 127.6% during the 1st quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker’s stock worth $144,038,000 after buying an additional 839,028 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Ken Xie sold 158,486 shares of the business’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 transaction of $15,607,701.28. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 335 shares of the business’s stock in a transaction dated 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 acquisition, the director directly owned 301,471 shares of the company’s stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 18.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent analyst reports. Scotiabank dropped their price target on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 7th. Wedbush dropped their price target on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. Royal Bank Of Canada dropped their price target on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 7th. Stifel Nicolaus dropped their price target on shares of Fortinet from $95.00 to $85.00 and set a “hold” rating on the stock in a research report on Thursday, August 7th. Finally, TD Cowen restated a “hold” rating and set a $105.00 price target on shares of Fortinet in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $97.40.

Fortinet Stock Up 2.9%

FTNT stock opened at $80.02 on Monday. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The company’s 50 day simple moving average is $96.98 and its 200-day simple moving average is $100.09. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The firm has a market capitalization of $61.32 billion, a P/E ratio of 31.88, a P/E/G ratio of 3.03 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business earned $0.57 earnings per share. The firm’s revenue was up 13.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

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.