Radnor Capital Management LLC Invests $726,000 in Fortinet, Inc. (NASDAQ:FTNT)

Radnor Capital Management LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 9,600 shares of the software maker’s stock, valued at approximately $726,000.

A number of other hedge funds have also recently made changes to their positions in the business. Harvest Fund Management Co. Ltd lifted its holdings in shares of Fortinet by 78.3% in the 2nd quarter. Harvest Fund Management Co. Ltd now owns 13,482 shares of the software maker’s stock worth $1,019,000 after acquiring an additional 5,922 shares during the last quarter. Greenfield Savings Bank raised its holdings in Fortinet by 11.8% during the 2nd quarter. Greenfield Savings Bank now owns 18,337 shares of the software maker’s stock valued at $1,386,000 after buying an additional 1,930 shares during the last quarter. Capital Market Strategies LLC bought a new stake in Fortinet during the 2nd quarter valued at $506,000. Fulton Bank N.A. raised its holdings in Fortinet by 6.5% during the 2nd quarter. Fulton Bank N.A. now owns 4,081 shares of the software maker’s stock valued at $308,000 after buying an additional 250 shares during the last quarter. Finally, Green Alpha Advisors LLC raised its holdings in Fortinet by 2.8% during the 2nd quarter. Green Alpha Advisors LLC now owns 18,964 shares of the software maker’s stock valued at $1,433,000 after buying an additional 525 shares during the last quarter. 65.00% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded down $1.52 during trading on Friday, hitting $61.58. The company’s stock had a trading volume of 2,913,745 shares, compared to its average volume of 5,449,409. The company has a 50-day moving average of $67.15 and a 200-day moving average of $66.80. Fortinet, Inc. has a 12 month low of $42.61 and a 12 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 $48.36 billion, a price-to-earnings ratio of 47.44, a P/E/G ratio of 2.76 and a beta of 1.16.

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

Analyst Ratings Changes

A number of equities research analysts recently commented on FTNT shares. Scotiabank lowered their price target on shares of Fortinet from $90.00 to $71.00 and set a “sector outperform” rating for the company in a report on Friday, August 4th. Cantor Fitzgerald reiterated an “overweight” rating and set a $75.00 price target on shares of Fortinet in a report on Tuesday, July 18th. Wedbush decreased their price objective on shares of Fortinet from $70.00 to $69.00 and set an “outperform” rating for the company in a report on Friday, August 4th. The Goldman Sachs Group upped their price objective on shares of Fortinet from $77.00 to $86.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. Finally, Capital One Financial assumed coverage on shares of Fortinet in a report on Wednesday. They issued an “overweight” rating and a $74.00 price objective for the company. Ten research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, Fortinet presently has an average rating of “Moderate Buy” and a consensus target price of $73.10.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom acquired 552 shares of the business’s stock in a transaction on Friday, September 8th. The stock was acquired at an average cost of $63.28 per share, with a total value of $34,930.56. Following the acquisition, the director now directly owns 291,551 shares in the company, valued at approximately $18,449,347.28. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director William H. Neukom acquired 552 shares of the business’s stock in a transaction on Friday, September 8th. The stock was acquired at an average cost of $63.28 per share, with a total value of $34,930.56. Following the acquisition, the director now directly owns 291,551 shares in the company, valued at approximately $18,449,347.28. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Keith Jensen sold 24,715 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $58.99, for a total transaction of $1,457,937.85. Following the completion of the transaction, the chief financial officer now directly owns 4,583 shares of the company’s stock, valued at $270,351.17. The disclosure for this sale can be found here. Insiders sold a total of 67,218 shares of company stock valued at $4,429,412 in the last three months. 17.54% of the stock is currently owned by corporate insiders.

About Fortinet

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.