LGT Group Foundation Increases Stake in Fortinet, Inc. (NASDAQ:FTNT)

LGT Group Foundation lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 906,198 shares of the software maker’s stock after acquiring an additional 52,712 shares during the quarter. Fortinet accounts for approximately 0.8% of LGT Group Foundation’s portfolio, making the stock its 29th largest holding. LGT Group Foundation owned about 0.12% of Fortinet worth $54,617,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in FTNT. Vima LLC acquired a new stake in shares of Fortinet in the 4th quarter valued at approximately $25,000. Winthrop Capital Management LLC purchased a new position in Fortinet in the first quarter worth $25,000. Rise Advisors LLC boosted its position in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares in the last quarter. Creekmur Asset Management LLC acquired a new position in Fortinet during the fourth quarter worth about $32,000. Finally, Oakworth Capital Inc. purchased a new position in shares of Fortinet in the second quarter valued at $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Up 0.2 %

NASDAQ FTNT traded up $0.15 during trading hours on Monday, reaching $75.30. 492,406 shares of the company traded hands, compared to its average volume of 5,727,944. The stock has a market capitalization of $57.60 billion, a PE ratio of 49.12, a PEG ratio of 2.71 and a beta of 0.99. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.08. The company has a 50 day moving average of $65.79 and a two-hundred day moving average of $64.74.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm earned $0.31 earnings per share. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. As a group, equities analysts expect that Fortinet, Inc. will post 1.7 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have issued reports on FTNT shares. Rosenblatt Securities reduced their price target on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Scotiabank increased their target price on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 7th. Cantor Fitzgerald boosted their price target on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a research note on Thursday, August 8th. Finally, Robert W. Baird lifted their price objective on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Twenty-four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average price target of $71.31.

Insider Activity

In other news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the transaction, the chief executive officer now directly owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. In the last ninety days, insiders sold 96,907 shares of company stock worth $6,016,573. 18.00% of the stock is currently owned by insiders.

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.