Syon Capital LLC Grows Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Syon Capital LLC raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 5,100 shares of the software maker’s stock after buying an additional 758 shares during the period. Syon Capital LLC’s holdings in Fortinet were worth $299,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Nordea Investment Management AB raised its stake in shares of Fortinet by 156.8% during 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 buying an additional 5,765,174 shares during the last quarter. Morgan Stanley grew its position in shares of Fortinet by 1.3% during 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 period. Invesco Ltd. grew its position in shares of Fortinet by 5.1% during 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 period. Charles Schwab Investment Management Inc. grew its position in shares of Fortinet by 4.2% during 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 period. Finally, Robeco Institutional Asset Management B.V. grew its position in shares of Fortinet by 79.6% during 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 period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $64.18 on Friday. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $81.24. The company has a market capitalization of $48.97 billion, a price-to-earnings ratio of 44.26, a price-to-earnings-growth ratio of 2.85 and a beta of 1.08. The firm has a 50-day simple moving average of $67.96 and a 200-day simple moving average of $61.77. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19.

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

Insider Transactions at Fortinet

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on FTNT. Cantor Fitzgerald restated a “neutral” rating and set a $65.00 target price on shares of Fortinet in a research report on Wednesday, April 17th. BMO Capital Markets raised their target price on Fortinet from $70.00 to $82.00 and gave the company a “market perform” rating in a research report on Wednesday, February 7th. Rosenblatt Securities restated a “buy” rating and set a $85.00 target price on shares of Fortinet in a research report on Wednesday, April 3rd. Capital One Financial cut Fortinet from an “overweight” rating to an “equal weight” rating in a report on Wednesday, January 17th. Finally, Daiwa Capital Markets upgraded Fortinet from a “neutral” rating to an “outperform” rating and set a $75.00 price objective on the stock in a report on Tuesday, February 13th. Two equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $72.19.

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.