Dohj LLC Purchases New Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Dohj LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 956 shares of the software maker’s stock, valued at approximately $228,000.

Several other institutional investors and hedge funds have also modified their holdings of FTNT. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Fortinet by 24.9% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 27,104 shares of the software maker’s stock worth $6,455,000 after buying an additional 5,403 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Fortinet by 9.0% in the first quarter. Dimensional Fund Advisors LP now owns 650,689 shares of the software maker’s stock valued at $119,986,000 after purchasing an additional 53,462 shares in the last quarter. Eqis Capital Management Inc. grew its position in shares of Fortinet by 379.2% in the first quarter. Eqis Capital Management Inc. now owns 11,855 shares of the software maker’s stock valued at $2,186,000 after purchasing an additional 9,381 shares in the last quarter. Illinois Municipal Retirement Fund grew its position in shares of Fortinet by 2.8% in the second quarter. Illinois Municipal Retirement Fund now owns 28,023 shares of the software maker’s stock valued at $6,675,000 after purchasing an additional 769 shares in the last quarter. Finally, Asset Management One Co. Ltd. grew its position in shares of Fortinet by 2.8% in the second quarter. Asset Management One Co. Ltd. now owns 107,000 shares of the software maker’s stock valued at $25,486,000 after purchasing an additional 2,931 shares in the last quarter. 68.50% of the stock is owned by institutional investors.

Several equities analysts have recently weighed in on the company. Cowen lifted their price target on Fortinet from $305.00 to $335.00 and gave the company an “outperform” rating in a research report on Friday, July 30th. BMO Capital Markets lifted their price objective on Fortinet from $275.00 to $300.00 and gave the company a “market perform” rating in a research note on Friday, July 30th. Raymond James lifted their price objective on Fortinet from $280.00 to $295.00 and gave the company an “outperform” rating in a research note on Friday, July 30th. Royal Bank of Canada lifted their price objective on Fortinet from $208.00 to $248.00 and gave the company a “sector perform” rating in a research note on Friday, July 30th. Finally, Piper Sandler lifted their price objective on Fortinet from $205.00 to $265.00 and gave the company a “neutral” rating in a research note on Friday, July 9th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $234.52.

In other news, VP Michael Xie sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 24th. The stock was sold at an average price of $301.27, for a total value of $12,050,800.00. Following the sale, the vice president now directly owns 5,978,451 shares of the company’s stock, valued at approximately $1,801,127,932.77. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Keith Jensen sold 7,992 shares of the company’s stock in a transaction that occurred on Tuesday, August 24th. The shares were sold at an average price of $301.31, for a total value of $2,408,069.52. Following the completion of the transaction, the chief financial officer now directly owns 3,342 shares in the company, valued at $1,006,978.02. The disclosure for this sale can be found here. Insiders have sold a total of 50,080 shares of company stock worth $15,046,015 in the last quarter. Company insiders own 18.60% of the company’s stock.

NASDAQ:FTNT traded up $0.45 during mid-day trading on Wednesday, reaching $301.03. 11,352 shares of the company’s stock traded hands, compared to its average volume of 1,081,506. Fortinet, Inc. has a 12-month low of $106.75 and a 12-month high of $322.00. The firm has a market capitalization of $49.16 billion, a price-to-earnings ratio of 96.96, a PEG ratio of 7.68 and a beta of 1.12. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.96 and a quick ratio of 1.88. The company has a 50 day moving average price of $290.23 and a 200-day moving average price of $235.52.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, July 29th. The software maker reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.07. Fortinet had a return on equity of 49.90% and a net margin of 17.69%. The firm had revenue of $801.10 million for the quarter, compared to the consensus estimate of $741.76 million. During the same quarter in the prior year, the business earned $0.82 EPS. As a group, analysts forecast that Fortinet, Inc. will post 2.84 EPS for the current year.

About Fortinet

Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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