Eagle Capital Management LLC Has $2 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Eagle Capital Management LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,772 shares of the software maker’s stock after purchasing an additional 141 shares during the period. Fortinet accounts for approximately 0.8% of Eagle Capital Management LLC’s portfolio, making the stock its 26th biggest position. Eagle Capital Management LLC’s holdings in Fortinet were worth $1,999,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Winthrop Capital Management LLC acquired a new stake in Fortinet during the first quarter valued at $25,000. Rise Advisors LLC raised its holdings in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares in the last quarter. City State Bank raised its holdings in Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares in the last quarter. Oakworth Capital Inc. acquired a new position in shares of Fortinet during the 2nd quarter worth about $33,000. Finally, Paladin Wealth LLC acquired a new position in shares of Fortinet during the 3rd quarter worth about $46,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity

In related news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 95,250 shares of company stock valued at $6,790,149. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on FTNT shares. BMO Capital Markets boosted their price objective on Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 7th. Scotiabank upped their price target on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 7th. Mizuho cut Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a report on Thursday. Morgan Stanley cut their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, July 17th. Finally, Wells Fargo & Company upped their price target on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average target price of $72.71.

Fortinet Trading Up 0.3 %

FTNT traded up $0.21 during mid-day trading on Friday, reaching $81.07. The stock had a trading volume of 2,955,891 shares, compared to its average volume of 5,530,033. The firm’s fifty day simple moving average is $76.78 and its two-hundred day simple moving average is $66.65. The stock has a market capitalization of $61.93 billion, a P/E ratio of 52.99, a P/E/G ratio of 2.84 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $83.77. 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 (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.31 earnings per share. On average, equities analysts predict that Fortinet, Inc. will post 1.74 EPS for the current year.

Fortinet Company 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.