Versant Capital Management Inc Has $38,000 Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Versant Capital Management Inc boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 61.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 627 shares of the software maker’s stock after buying an additional 238 shares during the period. Versant Capital Management Inc’s holdings in Fortinet were worth $38,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Fortinet by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after purchasing an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB acquired a new position in shares of Fortinet in the 1st quarter valued at about $548,013,000. Jacobs Levy Equity Management Inc. increased its holdings in shares of Fortinet by 7.6% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 3,996,822 shares of the software maker’s stock valued at $273,023,000 after purchasing an additional 283,339 shares during the period. Finally, Norges Bank bought a new stake in shares of Fortinet in the 4th quarter valued at approximately $203,501,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on FTNT. Rosenblatt Securities lowered their price target on Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research note on Monday. Citigroup decreased their target price on Fortinet from $68.00 to $65.00 and set a “neutral” rating for the company in a research report on Tuesday, July 30th. Wedbush reissued an “outperform” rating and issued a $78.00 price objective on shares of Fortinet in a research report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Wednesday. Finally, Evercore ISI reduced their price objective on Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, twenty-two have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $70.04.

Insider Activity at Fortinet

In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the transaction, the chief financial officer now owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. In the last quarter, insiders have sold 91,915 shares of company stock valued at $5,401,638. 18.00% of the stock is owned by insiders.

Fortinet Trading Up 22.7 %

Fortinet stock traded up $12.69 during mid-day trading on Wednesday, hitting $68.50. The stock had a trading volume of 6,957,425 shares, compared to its average volume of 5,776,016. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $73.91. The stock has a market capitalization of $52.33 billion, a PE ratio of 44.93, a P/E/G ratio of 2.79 and a beta of 0.98. The stock has a 50-day simple moving average of $58.96 and a two-hundred day simple moving average of $63.62.

Fortinet (NASDAQ:FTNT) last released 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. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. Fortinet’s revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.31 earnings per share. Sell-side analysts expect that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Fortinet Company 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.