Quantbot Technologies LP Invests $7.28 Million in Fortinet, Inc. (NASDAQ:FTNT)

Quantbot Technologies LP purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 120,840 shares of the software maker’s stock, valued at approximately $7,283,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FTNT. Vanguard Group Inc. increased its position in shares of Fortinet by 1.2% during the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after buying an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after acquiring an additional 30,542,551 shares during the period. Swedbank AB lifted its stake in Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares in the last quarter. Van ECK Associates Corp boosted its holdings 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 purchasing an additional 2,802,446 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of Fortinet by 7.6% during 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 in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 24,267 shares of Fortinet stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the sale, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fortinet news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on 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 completion of the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the sale, the chief executive officer now directly owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,672 shares of company stock worth $4,573,864. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Up 0.7 %

NASDAQ FTNT opened at $75.01 on Monday. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $78.08. The stock has a market capitalization of $57.30 billion, a PE ratio of 49.03, a PEG ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The business’s 50-day moving average is $67.27 and its 200 day moving average is $64.98.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The firm 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 business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period last year, the company earned $0.31 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 1.7 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FTNT. JPMorgan Chase & Co. lifted their price objective on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Citigroup boosted their price objective on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price on the stock in a research note on Wednesday, August 7th. Barclays cut their price target on shares of Fortinet from $75.00 to $70.00 and set an “equal weight” rating for the company in a research note on Thursday, July 11th. Finally, UBS Group raised their price objective on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average target price of $71.57.

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.