Amalgamated Bank Has $10.63 Million Position in Fortinet, Inc. (NASDAQ:FTNT)

Amalgamated Bank raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.8% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 137,093 shares of the software maker’s stock after buying an additional 2,412 shares during the period. Amalgamated Bank’s holdings in Fortinet were worth $10,632,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Forsta AP Fonden increased its position in Fortinet by 11.8% in the third quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after purchasing an additional 14,300 shares during the period. Sarasin & Partners LLP grew its position in shares of Fortinet by 22.4% during the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after buying an additional 395,477 shares during the period. Cetera Investment Advisers raised its stake in shares of Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after buying an additional 132,871 shares during the last quarter. Sei Investments Co. boosted its stake in Fortinet by 10.5% in the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock valued at $9,488,000 after acquiring an additional 13,178 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in Fortinet by 29.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 152,532 shares of the software maker’s stock worth $11,829,000 after acquiring an additional 34,727 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 70,538 shares of company stock worth $5,403,559 in the last ninety days. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on FTNT. Scotiabank lifted their price objective on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, August 7th. Rosenblatt Securities boosted their target price on Fortinet from $72.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. UBS Group lifted their price objective on shares of Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Morgan Stanley lowered their target price on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $74.68.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $77.92 on Wednesday. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The stock has a 50 day moving average price of $78.14 and a 200 day moving average price of $67.62. The stock has a market capitalization of $59.60 billion, a PE ratio of 46.11, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $47.66 and a 52 week high of $83.77.

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