Checchi Capital Advisers LLC Raises Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Checchi Capital Advisers LLC raised its position in shares of Fortinet, Inc. (NASDAQ:FTNTGet Rating) by 505.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,399 shares of the software maker’s stock after acquiring an additional 3,672 shares during the period. Checchi Capital Advisers LLC’s holdings in Fortinet were worth $262,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. King Luther Capital Management Corp increased its position in shares of Fortinet by 418.4% during the 2nd quarter. King Luther Capital Management Corp now owns 296,560 shares of the software maker’s stock valued at $16,779,000 after purchasing an additional 239,350 shares during the last quarter. Apollon Wealth Management LLC increased its position in shares of Fortinet by 507.9% during the 2nd quarter. Apollon Wealth Management LLC now owns 15,296 shares of the software maker’s stock valued at $865,000 after purchasing an additional 12,780 shares during the last quarter. O Shaughnessy Asset Management LLC increased its position in shares of Fortinet by 277.7% during the 2nd quarter. O Shaughnessy Asset Management LLC now owns 48,014 shares of the software maker’s stock valued at $2,717,000 after purchasing an additional 35,302 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of Fortinet by 400.1% during the 2nd quarter. Clearbridge Investments LLC now owns 1,415,804 shares of the software maker’s stock valued at $80,106,000 after purchasing an additional 1,132,686 shares during the last quarter. Finally, Perigon Wealth Management LLC increased its position in shares of Fortinet by 331.9% during the 2nd quarter. Perigon Wealth Management LLC now owns 17,135 shares of the software maker’s stock valued at $969,000 after purchasing an additional 13,168 shares during the last quarter. 65.72% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

FTNT opened at $53.35 on Thursday. Fortinet, Inc. has a 12-month low of $42.61 and a 12-month high of $74.35. The company has a current ratio of 1.07, a quick ratio of 1.00 and a debt-to-equity ratio of 4.24. The business’s fifty day simple moving average is $51.82 and its 200-day simple moving average is $55.94. The company has a market capitalization of $41.68 billion, a price-to-earnings ratio of 58.89, a PEG ratio of 3.25 and a beta of 1.16.

Fortinet (NASDAQ:FTNTGet Rating) last issued its quarterly earnings data on Wednesday, November 2nd. The software maker reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.06. The firm had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Fortinet had a return on equity of 9,183.04% and a net margin of 18.12%. The firm’s quarterly revenue was up 32.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.15 EPS. On average, equities research analysts anticipate that Fortinet, Inc. will post 0.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, VP John Whittle sold 3,125 shares of the stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $55.00, for a total value of $171,875.00. Following the completion of the sale, the vice president now directly owns 12,876 shares in the company, valued at $708,180. The transaction was disclosed in a document filed with the SEC, which is available at this link. 18.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FTNT shares. Raymond James cut their target price on Fortinet from $70.00 to $60.00 and set an “outperform” rating on the stock in a research report on Thursday, November 3rd. Evercore ISI cut their target price on Fortinet to $75.00 in a research report on Tuesday, August 9th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Friday, October 7th. Atlantic Securities initiated coverage on Fortinet in a research report on Friday, September 2nd. They issued an “overweight” rating and a $76.00 price objective on the stock. Finally, Royal Bank of Canada cut their price objective on Fortinet from $69.00 to $57.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 3rd. Four analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, Fortinet currently has an average rating of “Moderate Buy” and a consensus price target of $67.61.

Fortinet Company Profile

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

Further Reading

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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