Fulcrum Capital LLC Has $14.04 Million Stock Position in Fortinet, Inc. $FTNT

Fulcrum Capital LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 132,843 shares of the software maker’s stock after purchasing an additional 4,349 shares during the period. Fortinet accounts for 3.0% of Fulcrum Capital LLC’s portfolio, making the stock its 10th largest position. Fulcrum Capital LLC’s holdings in Fortinet were worth $14,044,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after acquiring an additional 3,546,934 shares in the last quarter. Invesco Ltd. increased its position in shares of Fortinet by 2.2% during the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock valued at $824,999,000 after acquiring an additional 181,835 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Fortinet by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after acquiring an additional 1,026,277 shares in the last quarter. Northern Trust Corp increased its position in shares of Fortinet by 0.8% during the first quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock valued at $627,573,000 after acquiring an additional 49,238 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Fortinet by 40.9% during the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after acquiring an additional 1,733,670 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 3.6%

Shares of Fortinet stock opened at $83.06 on Friday. The company’s fifty day simple moving average is $81.72 and its 200-day simple moving average is $94.60. The stock has a market capitalization of $63.64 billion, a PE ratio of 33.09, a P/E/G ratio of 3.25 and a beta of 1.09. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT) last issued 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 for the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company’s revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.57 EPS. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction 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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on 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 transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on FTNT shares. Mizuho reduced their price target on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a research report on Thursday, August 7th. Erste Group Bank downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. Morgan Stanley reissued an “underweight” rating and set a $67.00 price target (down previously from $78.00) on shares of Fortinet in a research report on Tuesday, September 2nd. Cantor Fitzgerald raised their target price on shares of Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, July 16th. Finally, Wall Street Zen cut shares of Fortinet from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $97.03.

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.