Vinland Capital Management Gestora de Recursos LTDA. Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Vinland Capital Management Gestora de Recursos LTDA. bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 12,090 shares of the software maker’s stock, valued at approximately $938,000. Fortinet accounts for about 2.2% of Vinland Capital Management Gestora de Recursos LTDA.’s portfolio, making the stock its 7th biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Eagle Capital Management LLC raised its stake in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares during the period. Parallel Advisors LLC raised its stake in shares of Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after acquiring an additional 148 shares during the period. Simplicity Wealth LLC raised its stake in shares of Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after acquiring an additional 174 shares during the period. Werlinich Asset Management LLC raised its stake in shares of Fortinet by 1.7% in the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after acquiring an additional 180 shares during the period. Finally, Mount Yale Investment Advisors LLC raised its stake in shares of Fortinet by 0.9% in the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after acquiring an additional 185 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, 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 transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 95,250 shares of company stock valued at $6,790,149. 18.00% of the stock is owned by insiders.

Fortinet Stock Performance

Shares of Fortinet stock opened at $78.54 on Thursday. The firm has a market capitalization of $60.08 billion, a P/E ratio of 46.59, a PEG 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. The company has a 50 day moving average price of $77.90 and a 200 day moving average price of $67.30. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $83.77.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the firm posted $0.31 EPS. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. Sell-side analysts expect that Fortinet, Inc. will post 1.74 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FTNT shares. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Barclays upped their price target on shares of Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. JPMorgan Chase & Co. upped their price target on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, Rosenblatt Securities cut their price target on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, August 5th. 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $74.07.

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.