Ceeto Capital Group LLC Boosts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Ceeto Capital Group LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 26.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,150 shares of the software maker’s stock after buying an additional 3,200 shares during the period. Ceeto Capital Group LLC’s holdings in Fortinet were worth $1,035,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after purchasing an additional 779,271 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. Norges Bank purchased a new position in shares of Fortinet in the fourth quarter worth about $203,501,000. Bessemer Group Inc. increased its stake in shares of Fortinet by 102.5% in the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock worth $224,344,000 after purchasing an additional 1,662,156 shares in the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of Fortinet by 0.9% in the first quarter. Van ECK Associates Corp now owns 2,953,153 shares of the software maker’s stock worth $201,730,000 after purchasing an additional 26,229 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In related news, VP Michael Xie sold 24,710 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Keith Jensen sold 18,701 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the sale, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 24,710 shares of the 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 sale, the vice president now directly owns 10,867,018 shares in the company, valued at $700,705,320.64. The disclosure for this sale can be found here. Insiders sold a total of 91,913 shares of company stock worth $5,608,349 in the last three months. 18.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on FTNT shares. BMO Capital Markets reduced their target price on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating for the company in a research note on Friday, May 3rd. Jefferies Financial Group cut their price objective on shares of Fortinet from $75.00 to $70.00 and set a “hold” rating for the company in a research report on Thursday, April 18th. Cantor Fitzgerald cut their price objective on shares of Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Truist Financial cut their price objective on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, May 3rd. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Tuesday, June 11th. Two equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $69.90.

Fortinet Trading Down 0.5 %

Shares of FTNT stock traded down $0.31 during trading hours on Friday, hitting $57.00. 4,244,996 shares of the company’s stock were exchanged, compared to its average volume of 4,748,436. The business’s 50 day simple moving average is $59.57 and its 200-day simple moving average is $63.86. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $78.58. The company has a market capitalization of $43.54 billion, a PE ratio of 37.26, a PEG ratio of 2.78 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the business posted $0.29 EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. Equities analysts anticipate that Fortinet, Inc. will post 1.47 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.