Frank Rimerman Advisors LLC Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

Frank Rimerman Advisors LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.6% during the third quarter, Holdings Channel reports. The fund owned 12,646 shares of the software maker’s stock after acquiring an additional 1,414 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Fortinet were worth $981,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sarasin & Partners LLP increased its stake in Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after purchasing an additional 395,477 shares during the last quarter. PDS Planning Inc acquired a new position in shares of Fortinet during the 1st quarter valued at about $200,000. Cetera Investment Advisers lifted its holdings in shares of Fortinet by 543.5% during the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after acquiring an additional 132,871 shares during the period. Sei Investments Co. boosted its position in shares of Fortinet by 10.5% in the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after acquiring an additional 13,178 shares during the last quarter. Finally, Magnetar Financial LLC purchased a new stake in Fortinet in the first quarter valued at approximately $3,189,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on FTNT shares. Piper Sandler upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Scotiabank lifted 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. Royal Bank of Canada upped their price target on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. TD Cowen lifted their price objective on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Citigroup increased their target price on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. One investment analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $73.25.

Insider Transactions at Fortinet

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

Fortinet Stock Down 0.3 %

Shares of Fortinet stock opened at $80.34 on Monday. The business has a 50-day moving average price of $77.64 and a 200 day moving average price of $67.04. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $83.77. The firm has a market cap of $61.45 billion, a P/E ratio of 47.54, a P/E/G ratio of 2.92 and a beta of 1.00. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results 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. 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 in the previous year, the business earned $0.31 EPS. The business’s quarterly revenue was up 10.9% on a year-over-year basis. On average, sell-side analysts forecast that Fortinet, Inc. will post 1.74 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.