Syon Capital LLC Has $299,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Syon Capital LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,100 shares of the software maker’s stock after purchasing an additional 758 shares during the quarter. Syon Capital LLC’s holdings in Fortinet were worth $299,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FTNT. Nordea Investment Management AB increased its stake in shares of Fortinet by 156.8% in the 3rd quarter. Nordea Investment Management AB now owns 9,441,059 shares of the software maker’s stock valued at $554,945,000 after acquiring an additional 5,765,174 shares during the last quarter. Morgan Stanley increased its stake in shares of Fortinet by 1.3% in the 3rd quarter. Morgan Stanley now owns 8,664,124 shares of the software maker’s stock valued at $508,411,000 after acquiring an additional 108,548 shares during the last quarter. Invesco Ltd. increased its stake in shares of Fortinet by 5.1% in the 3rd quarter. Invesco Ltd. now owns 5,595,608 shares of the software maker’s stock valued at $328,350,000 after acquiring an additional 269,202 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Fortinet by 4.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,789,106 shares of the software maker’s stock valued at $222,345,000 after acquiring an additional 153,119 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of Fortinet by 79.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,576,224 shares of the software maker’s stock valued at $209,853,000 after acquiring an additional 1,585,236 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Trading Up 0.2 %

NASDAQ FTNT opened at $64.18 on Friday. The firm has a market capitalization of $48.97 billion, a P/E ratio of 44.26, a PEG ratio of 2.85 and a beta of 1.08. The business has a fifty day simple moving average of $67.96 and a 200 day simple moving average of $61.77. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $81.24. The company has a current ratio of 1.19, a quick ratio of 1.06 and a debt-to-equity ratio of 13.38.

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

Wall Street Analyst Weigh In

FTNT has been the subject of a number of recent research reports. Morgan Stanley upped their price target on Fortinet from $77.00 to $81.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. StockNews.com downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, April 18th. Scotiabank increased their price objective on Fortinet from $70.00 to $90.00 and gave the company a “sector outperform” rating in a report on Wednesday, February 7th. BMO Capital Markets increased their price target on Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a research note on Wednesday, February 7th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $65.00 price objective on shares of Fortinet in a research report on Wednesday, April 17th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $72.19.

Insider Activity at Fortinet

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

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.