QRG Capital Management Inc. Raises Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

QRG Capital Management Inc. grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 5.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,844 shares of the software maker’s stock after acquiring an additional 1,910 shares during the period. QRG Capital Management Inc.’s holdings in Fortinet were worth $3,012,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in FTNT. Central Pacific Bank Trust Division purchased a new stake in Fortinet during the 1st quarter valued at approximately $190,000. GSA Capital Partners LLP bought a new stake in Fortinet in the 1st quarter valued at $569,000. Signaturefd LLC lifted its stake in Fortinet by 42.0% in the 1st quarter. Signaturefd LLC now owns 15,084 shares of the software maker’s stock worth $1,030,000 after purchasing an additional 4,461 shares in the last quarter. Empirical Finance LLC boosted its holdings in shares of Fortinet by 3.5% during the 1st quarter. Empirical Finance LLC now owns 23,016 shares of the software maker’s stock valued at $1,572,000 after purchasing an additional 770 shares during the last quarter. Finally, Empowered Funds LLC grew its position in shares of Fortinet by 12.4% during the first quarter. Empowered Funds LLC now owns 29,500 shares of the software maker’s stock valued at $2,015,000 after purchasing an additional 3,258 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on FTNT shares. TD Cowen boosted their target price on Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Cantor Fitzgerald increased their target price on Fortinet from $65.00 to $88.00 and gave the company a “neutral” rating in a research report on Tuesday, October 29th. Truist Financial raised their target price on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Wells Fargo & Company upped their price target on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Finally, Morgan Stanley reduced their target price on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $74.68.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was 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 in the company, valued at $3,662,977,721.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 70,538 shares of company stock valued at $5,403,559 over the last ninety days. 18.00% of the stock is owned by company insiders.

Fortinet Stock Performance

Shares of Fortinet stock opened at $80.87 on Thursday. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The stock’s fifty day moving average price is $78.18 and its 200-day moving average price is $67.73. The firm has a market cap of $61.86 billion, a P/E ratio of 47.85, a P/E/G ratio of 2.78 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $47.66 and a 12 month high of $83.77.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the firm posted $0.31 EPS. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, equities research analysts expect that Fortinet, Inc. will post 1.75 earnings per share for the current fiscal year.

Fortinet Profile

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.