Wahed Invest LLC Purchases Shares of 8,148 Fortinet, Inc. (NASDAQ:FTNT)

Wahed Invest LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 8,148 shares of the software maker’s stock, valued at approximately $542,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Alpha Cubed Investments LLC bought a new position in Fortinet during the first quarter worth $230,000. Mn Services Vermogensbeheer B.V. grew its holdings in shares of Fortinet by 4.5% during the first quarter. Mn Services Vermogensbeheer B.V. now owns 340,990 shares of the software maker’s stock valued at $22,662,000 after purchasing an additional 14,600 shares during the last quarter. M Holdings Securities Inc. raised its position in shares of Fortinet by 12.6% during the 4th quarter. M Holdings Securities Inc. now owns 8,473 shares of the software maker’s stock worth $414,000 after purchasing an additional 950 shares during the period. Vanguard Personalized Indexing Management LLC boosted its position in Fortinet by 15.9% during the 1st quarter. Vanguard Personalized Indexing Management LLC now owns 62,476 shares of the software maker’s stock valued at $4,152,000 after purchasing an additional 8,577 shares during the period. Finally, Engineers Gate Manager LP increased its position in Fortinet by 891.3% in the fourth quarter. Engineers Gate Manager LP now owns 101,534 shares of the software maker’s stock worth $4,964,000 after buying an additional 91,292 shares during the period. 65.00% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, EVP Patrice Perche sold 7,530 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $78.49, for a total value of $591,029.70. Following the transaction, the executive vice president now owns 25,730 shares in the company, valued at approximately $2,019,547.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Keith Jensen sold 5,100 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $57.20, for a total value of $291,720.00. Following the completion of the sale, the chief financial officer now owns 4,578 shares of the company’s stock, valued at approximately $261,861.60. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Patrice Perche sold 7,530 shares of the stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $78.49, for a total value of $591,029.70. Following the completion of the transaction, the executive vice president now owns 25,730 shares in the company, valued at approximately $2,019,547.70. The disclosure for this sale can be found here. Insiders have sold a total of 67,218 shares of company stock valued at $4,429,412 in the last 90 days. 17.54% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Barclays reduced their price target on shares of Fortinet from $86.00 to $71.00 and set an “overweight” rating for the company in a report on Friday, August 4th. Wedbush dropped their price target on shares of Fortinet from $70.00 to $69.00 and set an “outperform” rating on the stock in a research note on Friday, August 4th. Mizuho cut their price target on Fortinet from $81.00 to $68.00 and set a “neutral” rating on the stock in a report on Friday, August 4th. Bank of America increased their price objective on Fortinet from $75.00 to $83.00 in a report on Friday, June 16th. Finally, Scotiabank cut their target price on Fortinet from $90.00 to $71.00 and set a “sector outperform” rating on the stock in a research note on Friday, August 4th. Eight research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Fortinet presently has an average rating of “Moderate Buy” and an average price target of $73.23.

Fortinet Trading Up 1.0 %

Fortinet stock traded up $0.62 during midday trading on Monday, reaching $64.69. The stock had a trading volume of 1,262,195 shares, compared to its average volume of 5,461,862. Fortinet, Inc. has a twelve month low of $42.61 and a twelve month high of $81.24. The company has a debt-to-equity ratio of 3.09, a current ratio of 1.39 and a quick ratio of 1.29. The firm has a market cap of $50.80 billion, a price-to-earnings ratio of 48.17, a PEG ratio of 2.78 and a beta of 1.16. The firm’s fifty day simple moving average is $68.03 and its two-hundred day simple moving average is $66.79.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Thursday, August 3rd. The software maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.34 by $0.04. The business had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Fortinet had a negative return on equity of 698.28% and a net margin of 21.24%. Fortinet’s revenue was up 25.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 earnings per share. Equities analysts anticipate that Fortinet, Inc. will post 1.24 EPS for the current fiscal year.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.