Susquehanna Fundamental Investments LLC Invests $1.31 Million in Fortinet, Inc. (NASDAQ:FTNT)

Susquehanna Fundamental Investments LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 21,800 shares of the software maker’s stock, valued at approximately $1,314,000.

A number of other hedge funds have also made changes to their positions in FTNT. MBB Public Markets I LLC acquired a new stake in Fortinet in the 2nd quarter valued at about $2,830,000. Dark Forest Capital Management LP boosted its holdings in shares of Fortinet by 46.6% in the second quarter. Dark Forest Capital Management LP now owns 5,639 shares of the software maker’s stock valued at $340,000 after buying an additional 1,792 shares during the period. Daymark Wealth Partners LLC boosted its holdings in shares of Fortinet by 39.2% in the second quarter. Daymark Wealth Partners LLC now owns 282,477 shares of the software maker’s stock valued at $17,025,000 after buying an additional 79,596 shares during the period. Decatur Capital Management Inc. boosted its holdings in shares of Fortinet by 2.9% in the second quarter. Decatur Capital Management Inc. now owns 30,060 shares of the software maker’s stock valued at $1,812,000 after buying an additional 842 shares during the period. Finally, APG Asset Management US Inc. boosted its holdings in shares of Fortinet by 1.6% in the second quarter. APG Asset Management US Inc. now owns 101,812 shares of the software maker’s stock valued at $6,093,000 after buying an additional 1,577 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Down 1.4 %

Shares of FTNT opened at $76.49 on Wednesday. The firm has a market cap of $58.43 billion, a P/E ratio of 49.99, a P/E/G ratio of 2.77 and a beta of 1.00. The stock has a 50 day simple moving average of $71.46 and a two-hundred day simple moving average of $65.52. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $78.50.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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. The firm had revenue of $1.43 billion during 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 quarter in the prior year, the firm posted $0.31 earnings per share. On average, analysts forecast that Fortinet, Inc. will post 1.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 24,712 shares of the stock in a transaction 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 completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated 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 completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 96,210 shares of company stock worth $6,337,801. 18.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Wells Fargo & Company increased their target price on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a research report on Wednesday, August 7th. Rosenblatt Securities lowered their price target on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Barclays lowered their price target on shares of Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 11th. Finally, JPMorgan Chase & Co. raised their price target on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $71.57.

About Fortinet

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.