Gunderson Capital Management Inc. Has $1.48 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Gunderson Capital Management Inc. lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,583 shares of the software maker’s stock after selling 385 shares during the quarter. Fortinet makes up 1.0% of Gunderson Capital Management Inc.’s investment portfolio, making the stock its 29th largest holding. Gunderson Capital Management Inc.’s holdings in Fortinet were worth $1,480,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in FTNT. Penserra Capital Management LLC increased its holdings in shares of Fortinet by 6.6% during the first quarter. Penserra Capital Management LLC now owns 663 shares of the software maker’s stock worth $226,000 after purchasing an additional 41 shares during the period. Evergreen Capital Management LLC grew its holdings in shares of Fortinet by 5.2% during the 1st quarter. Evergreen Capital Management LLC now owns 863 shares of the software maker’s stock worth $295,000 after purchasing an additional 43 shares in the last quarter. Douglass Winthrop Advisors LLC increased its position in shares of Fortinet by 6.1% in the first quarter. Douglass Winthrop Advisors LLC now owns 867 shares of the software maker’s stock worth $296,000 after purchasing an additional 50 shares during the period. Covestor Ltd raised its stake in Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after purchasing an additional 57 shares in the last quarter. Finally, Sawtooth Solutions LLC lifted its position in Fortinet by 3.7% during the first quarter. Sawtooth Solutions LLC now owns 1,872 shares of the software maker’s stock worth $640,000 after purchasing an additional 66 shares during the period. Institutional investors and hedge funds own 65.00% of the company’s stock.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 552 shares of the firm’s stock in a transaction that occurred on Friday, September 8th. The stock was acquired at an average price of $63.28 per share, for a total transaction of $34,930.56. Following the completion of the acquisition, the director now owns 291,551 shares of the company’s stock, valued at approximately $18,449,347.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fortinet news, Director William H. Neukom bought 552 shares of the business’s stock in a transaction dated Friday, September 8th. The shares were purchased at an average price of $63.28 per share, for a total transaction of $34,930.56. Following the purchase, the director now directly owns 291,551 shares of the company’s stock, valued at $18,449,347.28. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Keith Jensen sold 24,715 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $58.99, for a total value of $1,457,937.85. Following the sale, 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. In the last quarter, insiders sold 67,218 shares of company stock worth $4,429,412. Insiders own 17.54% of the company’s stock.

Fortinet Stock Down 3.3 %

Shares of FTNT traded down $2.08 during trading hours on Friday, hitting $61.02. The stock had a trading volume of 10,314,018 shares, compared to its average volume of 5,492,537. The firm has a 50 day simple moving average of $66.88 and a 200-day simple moving average of $66.81. Fortinet, Inc. has a 1-year low of $42.61 and a 1-year 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 capitalization of $47.92 billion, a P/E ratio of 45.88, a price-to-earnings-growth ratio of 2.76 and a beta of 1.16.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, August 3rd. The software maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.34 by $0.04. The firm had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.30 billion. Fortinet had a negative return on equity of 698.28% and a net margin of 21.24%. The company’s quarterly revenue was up 25.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.18 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 1.24 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several analyst reports. Citigroup dropped their target price on shares of Fortinet from $73.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, August 29th. Cantor Fitzgerald restated an “overweight” rating and set a $75.00 target price on shares of Fortinet in a research note on Tuesday, July 18th. Robert W. Baird decreased their price target on Fortinet from $93.00 to $84.00 and set an “outperform” rating on the stock in a research note on Friday, August 4th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Fortinet in a research note on Thursday. Finally, TD Cowen downgraded Fortinet from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $90.00 to $70.00 in a research note on Friday, August 4th. Ten equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $73.10.

Fortinet 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.