Garrison Asset Management LLC Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Garrison Asset Management LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 2,706 shares of the software maker’s stock, valued at approximately $210,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Forsta AP Fonden increased its position in Fortinet by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock valued at $10,508,000 after buying an additional 14,300 shares in the last quarter. Sarasin & Partners LLP raised its position in shares of Fortinet by 22.4% in the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares during the last quarter. Cetera Investment Advisers raised its position in shares of Fortinet by 543.5% in the 1st quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after purchasing an additional 132,871 shares during the last quarter. Sei Investments Co. boosted its stake in Fortinet by 10.5% in the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after purchasing an additional 13,178 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Fortinet by 29.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock valued at $11,829,000 after purchasing an additional 34,727 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. 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 at this link. Insiders have sold a total of 70,538 shares of company stock worth $5,403,559 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Down 0.5 %

Fortinet stock traded down $0.39 during mid-day trading on Monday, reaching $78.41. 287,694 shares of the company were exchanged, compared to its average volume of 5,407,244. The firm has a market cap of $59.98 billion, a P/E ratio of 46.63, a PEG ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet, Inc. has a 12-month low of $47.66 and a 12-month high of $83.77. The business has a fifty day moving average of $78.06 and a 200 day moving average of $67.50.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the business posted $0.31 EPS. Fortinet’s revenue was up 10.9% on a year-over-year basis. Research analysts anticipate that Fortinet, Inc. will post 1.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of recent analyst reports. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Wedbush restated an “outperform” rating and issued a $78.00 price target on shares of Fortinet in a research note on Wednesday, August 7th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a research report on Thursday, August 8th. UBS Group increased their target price on Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $74.68.

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.