Rafferty Asset Management LLC Buys 76,722 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Rafferty Asset Management LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 23.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 404,401 shares of the software maker’s stock after acquiring an additional 76,722 shares during the quarter. Rafferty Asset Management LLC’s holdings in Fortinet were worth $23,670,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in FTNT. TFO Wealth Partners LLC raised its position in shares of Fortinet by 72,668.0% during the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock valued at $1,065,000 after purchasing an additional 18,167 shares during the period. Cito Capital Group LLC purchased a new position in shares of Fortinet in the third quarter valued at about $660,000. Vontobel Holding Ltd. boosted its stake in shares of Fortinet by 7.3% in the fourth quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after acquiring an additional 34,582 shares during the period. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of Fortinet by 2,092.4% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after purchasing an additional 38,751 shares in the last quarter. Finally, LGT Group Foundation raised its stake in Fortinet by 14.4% during the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after purchasing an additional 94,475 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 0.9 %

Shares of NASDAQ FTNT traded down $0.52 during midday trading on Monday, hitting $58.80. The company’s stock had a trading volume of 3,564,245 shares, compared to its average volume of 5,972,644. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. The firm has a market cap of $44.92 billion, a P/E ratio of 38.77, a price-to-earnings-growth ratio of 2.91 and a beta of 0.98. The business’s 50 day moving average is $63.76 and its two-hundred day moving average is $62.83.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business’s revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.29 earnings per share. As a group, equities research analysts expect that Fortinet, Inc. will post 1.46 EPS for the current year.

Analysts Set New Price Targets

FTNT has been the subject of a number of research analyst reports. Stifel Nicolaus increased their price objective on shares of Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, February 7th. Jefferies Financial Group reduced their price target on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a report on Thursday, April 18th. DZ Bank downgraded shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price objective for the company. in a report on Thursday, February 8th. Royal Bank of Canada cut their price objective on Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a research report on Friday, May 3rd. Finally, Wedbush reiterated an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a research report on Wednesday, May 22nd. Two analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $70.10.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 23,694 shares of the stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the transaction, the chief executive officer now owns 48,625,005 shares in the company, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders sold 72,396 shares of company stock worth $4,838,534 in the last 90 days. 18.00% of the stock is owned by corporate 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.