Fulcrum Capital LLC Buys 2,061 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fulcrum Capital LLC raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.7% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 125,205 shares of the software maker’s stock after acquiring an additional 2,061 shares during the quarter. Fortinet makes up 2.1% of Fulcrum Capital LLC’s holdings, making the stock its 15th largest holding. Fulcrum Capital LLC’s holdings in Fortinet were worth $9,710,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in 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 acquiring an additional 779,271 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in 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 acquiring an additional 30,542,551 shares during the last quarter. Swedbank AB grew its position in Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after acquiring an additional 134,366 shares during the last quarter. Marshall Wace LLP grew its position in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after acquiring an additional 4,148,520 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after acquiring an additional 2,802,446 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 2.5 %

Shares of FTNT stock opened at $80.37 on Thursday. The stock’s 50-day simple moving average is $77.23 and its 200-day simple moving average is $66.78. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The firm has a market capitalization of $61.40 billion, a PE ratio of 52.53, a P/E/G ratio of 2.84 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $83.77.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The business 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 2,160.10% and a net margin of 23.71%. The company’s revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.31 earnings per share. Equities analysts expect that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Michael Xie sold 24,712 shares of the firm’s 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 sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,250 shares of company stock valued at $6,790,149 over the last ninety days. Company insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FTNT shares. Citigroup upped their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research report on Thursday, August 8th. StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, October 17th. Royal Bank of Canada increased their price target on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 7th. Finally, Scotiabank increased their price target on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $73.25.

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.