Fortinet, Inc. (NASDAQ:FTNT) Position Boosted by Oak Ridge Investments LLC

Oak Ridge Investments LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,427 shares of the software maker’s stock after acquiring an additional 146 shares during the quarter. Oak Ridge Investments LLC’s holdings in Fortinet were worth $6,165,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. E Fund Management Co. Ltd. purchased a new position in Fortinet during the 1st quarter valued at about $337,000. Norinchukin Bank The grew its stake in Fortinet by 1.8% during the 1st quarter. Norinchukin Bank The now owns 11,220 shares of the software maker’s stock valued at $2,069,000 after acquiring an additional 193 shares in the last quarter. Alpha DNA Investment Management LLC grew its stake in Fortinet by 1,241.7% during the 1st quarter. Alpha DNA Investment Management LLC now owns 4,951 shares of the software maker’s stock valued at $912,000 after acquiring an additional 4,582 shares in the last quarter. Windsor Group LTD acquired a new stake in shares of Fortinet during the 1st quarter valued at about $369,000. Finally, Strategy Asset Managers LLC lifted its holdings in shares of Fortinet by 8.0% during the 1st quarter. Strategy Asset Managers LLC now owns 1,778 shares of the software maker’s stock valued at $328,000 after buying an additional 131 shares during the last quarter. 70.85% of the stock is currently owned by institutional investors.

NASDAQ:FTNT traded up $2.64 during mid-day trading on Thursday, hitting $228.16. The company had a trading volume of 10,647 shares, compared to its average volume of 1,162,505. Fortinet, Inc. has a fifty-two week low of $106.75 and a fifty-two week high of $228.49. The company has a fifty day moving average price of $206.09. The company has a current ratio of 2.01, a quick ratio of 1.93 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $37.26 billion, a price-to-earnings ratio of 76.56, a P/E/G ratio of 5.74 and a beta of 1.11.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Thursday, April 29th. The software maker reported $0.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.33. Fortinet had a return on equity of 54.85% and a net margin of 17.96%. The company had revenue of $710.30 million during the quarter, compared to the consensus estimate of $678.91 million. As a group, research analysts anticipate that Fortinet, Inc. will post 2.73 earnings per share for the current year.

Several equities research analysts have recently issued reports on the company. Piper Sandler lifted their price target on Fortinet from $150.00 to $175.00 and gave the company a “neutral” rating in a report on Wednesday, March 10th. Barclays lifted their price target on Fortinet from $202.00 to $210.00 and gave the company an “equal weight” rating in a report on Friday, April 16th. Monness Crespi & Hardt lifted their price target on Fortinet from $195.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, April 21st. BTIG Research boosted their target price on Fortinet from $205.00 to $240.00 and gave the stock a “buy” rating in a report on Monday, April 19th. Finally, Cowen initiated coverage on Fortinet in a report on Wednesday, May 26th. They issued an “outperform” rating and a $230.00 target price for the company. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $183.52.

In related news, VP John Whittle sold 2,411 shares of the stock in a transaction dated Wednesday, April 21st. The stock was sold at an average price of $202.38, for a total transaction of $487,938.18. Following the completion of the transaction, the vice president now directly owns 1,215 shares in the company, valued at $245,891.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 40,000 shares of the stock in a transaction dated Monday, May 24th. The stock was sold at an average price of $213.71, for a total value of $8,548,400.00. Following the transaction, the vice president now owns 6,027,437 shares of the company’s stock, valued at $1,288,123,561.27. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,230 shares of company stock valued at $11,691,331. 18.20% of the stock is owned by corporate insiders.

Fortinet Company Profile

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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