Twin Capital Management Inc. Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

Twin Capital Management Inc. increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 19.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 51,218 shares of the software maker’s stock after buying an additional 8,494 shares during the period. Twin Capital Management Inc.’s holdings in Fortinet were worth $2,998,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Covestor Ltd raised its stake in Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after acquiring an additional 57 shares during the period. Zions Bancorporation N.A. raised its stake in Fortinet by 20.4% in the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after acquiring an additional 73 shares during the period. Atwood & Palmer Inc. bought a new stake in Fortinet in the 4th quarter valued at about $29,000. Headinvest LLC bought a new stake in Fortinet in the 3rd quarter valued at about $29,000. Finally, Quarry LP raised its stake in Fortinet by 686.6% in the 2nd quarter. Quarry LP now owns 527 shares of the software maker’s stock valued at $40,000 after acquiring an additional 460 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FTNT has been the topic of several analyst reports. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Wednesday, April 10th. Daiwa Capital Markets raised Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 target price for the company in a research note on Tuesday, February 13th. Citigroup lowered Fortinet from a “buy” rating to a “neutral” rating and upped their target price for the stock from $60.00 to $62.00 in a research note on Tuesday, January 9th. Capital One Financial lowered Fortinet from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, January 17th. Finally, BMO Capital Markets increased their price objective on Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus target price of $72.19.

Fortinet Stock Performance

NASDAQ:FTNT traded down $0.05 during mid-day trading on Thursday, reaching $64.61. The company’s stock had a trading volume of 1,142,107 shares, compared to its average volume of 5,897,144. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The firm’s fifty day moving average price is $68.72 and its two-hundred day moving average price is $61.50. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38. The stock has a market cap of $49.30 billion, a P/E ratio of 44.31, a PEG ratio of 2.86 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the previous year, the firm earned $0.38 EPS. Fortinet’s revenue was up 10.3% on a year-over-year basis. On average, equities analysts forecast that Fortinet, Inc. will post 1.39 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Fortinet news, VP Michael Xie sold 38,369 shares of the business’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $66.45, for a total transaction of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The disclosure for this sale can be found here. Insiders sold a total of 132,139 shares of company stock worth $8,977,876 in the last three months. 17.54% of the stock is currently owned by company insiders.

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.