Tidal Investments LLC Acquires 4,164 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Tidal Investments LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,039 shares of the software maker’s stock after buying an additional 4,164 shares during the period. Tidal Investments LLC’s holdings in Fortinet were worth $2,392,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Vima LLC bought a new position in shares of Fortinet during the 4th quarter valued at approximately $25,000. Winthrop Capital Management LLC purchased a new position in Fortinet during the 1st quarter valued at about $25,000. Rise Advisors LLC lifted its holdings in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after buying an additional 217 shares during the period. Creekmur Asset Management LLC purchased a new position in Fortinet in the fourth quarter valued at about $32,000. Finally, American National Bank lifted its position in Fortinet by 443.6% during the fourth quarter. American National Bank now owns 598 shares of the software maker’s stock valued at $35,000 after acquiring an additional 488 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FTNT has been the subject of several recent analyst reports. HSBC lowered their price target on Fortinet from $57.00 to $54.00 and set a “reduce” rating for the company in a report on Friday, May 3rd. Truist Financial decreased their target price on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Mizuho cut their price objective on Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Jefferies Financial Group cut their price objective on Fortinet from $75.00 to $70.00 and set a “hold” rating on the stock in a report on Thursday, April 18th. Finally, JPMorgan Chase & Co. lowered their target price on Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average price target of $70.00.

Insider Transactions at Fortinet

In other Fortinet news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the sale, the chief financial officer now owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director William H. Neukom acquired 586 shares of Fortinet stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average cost of $59.55 per share, with a total value of $34,896.30. Following the completion of the acquisition, the director now owns 295,778 shares in the company, valued at approximately $17,613,579.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the sale, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The disclosure for this sale can be found here. Insiders have sold a total of 67,203 shares of company stock worth $4,015,048 over the last ninety days. 18.00% of the stock is currently owned by company insiders.

Fortinet Trading Down 2.0 %

Shares of Fortinet stock traded down $1.16 during trading hours on Friday, hitting $56.04. 749,079 shares of the company were exchanged, compared to its average volume of 5,695,479. The business has a 50-day moving average of $59.25 and a 200-day moving average of $63.70. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $76.00. The stock has a market capitalization of $42.81 billion, a price-to-earnings ratio of 37.39, a P/E/G ratio of 2.83 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. Fortinet’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.29 EPS. As a group, research analysts anticipate that Fortinet, Inc. will post 1.47 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.