DMC Group LLC Boosts Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

DMC Group LLC grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,623 shares of the software maker’s stock after purchasing an additional 555 shares during the quarter. Fortinet makes up 1.0% of DMC Group LLC’s investment portfolio, making the stock its 28th largest holding. DMC Group LLC’s holdings in Fortinet were worth $1,212,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in FTNT. Price T Rowe Associates Inc. MD boosted its stake in Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after acquiring an additional 30,542,551 shares during the last quarter. Swedbank AB purchased a new stake in Fortinet in the first quarter worth $548,013,000. Marshall Wace LLP raised its stake in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after buying an additional 4,148,520 shares during the period. Van ECK Associates Corp grew its stake in shares of Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after acquiring an additional 2,802,446 shares during the period. Finally, Sarasin & Partners LLP purchased a new stake in Fortinet in the 1st quarter worth about $120,746,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Up 0.3 %

FTNT stock opened at $81.07 on Friday. The company has a market capitalization of $61.93 billion, a PE ratio of 52.99, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet, Inc. has a one year low of $44.12 and a one year high of $83.77. The company’s 50 day moving average price is $76.78 and its two-hundred day moving average price is $66.65.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping 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 company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the company earned $0.31 EPS. The firm’s revenue was up 10.9% compared to the same quarter last year. As a group, analysts predict that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,250 shares of company stock worth $6,790,149 in the last ninety days. 18.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several recent research reports. BMO Capital Markets upped their price objective on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Wedbush restated an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research note on Wednesday, August 7th. Citigroup lifted their price objective on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Wells Fargo & Company increased their target price on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Finally, Scotiabank lifted their price target on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-three have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $72.71.

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.