Lannebo Fonder AB Raises Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Lannebo Fonder AB grew its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 27.4% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 363,067 shares of the software maker’s stock after purchasing an additional 78,067 shares during the period. Fortinet makes up about 3.9% of Lannebo Fonder AB’s holdings, making the stock its 14th largest holding. Lannebo Fonder AB’s holdings in Fortinet were worth $27,466,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in FTNT. Alpha Cubed Investments LLC acquired a new stake in shares of Fortinet in the first quarter valued at $230,000. Mn Services Vermogensbeheer B.V. raised its stake in shares of Fortinet by 4.5% in 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 acquiring an additional 14,600 shares in the last quarter. M Holdings Securities Inc. increased its holdings in Fortinet by 12.6% in the fourth quarter. M Holdings Securities Inc. now owns 8,473 shares of the software maker’s stock valued at $414,000 after buying an additional 950 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in Fortinet by 15.9% in the first quarter. Vanguard Personalized Indexing Management LLC now owns 62,476 shares of the software maker’s stock valued at $4,152,000 after buying an additional 8,577 shares during the last quarter. Finally, Seaport Global Advisors LLC increased its holdings in Fortinet by 9.7% in the first quarter. Seaport Global Advisors LLC now owns 4,399 shares of the software maker’s stock valued at $292,000 after buying an additional 389 shares during the last quarter. 65.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director William H. Neukom purchased 552 shares of Fortinet stock in a transaction dated Friday, September 8th. The stock was bought at an average cost of $63.28 per share, for a total transaction of $34,930.56. Following the transaction, the director now owns 291,551 shares in the company, valued at $18,449,347.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Fortinet news, EVP Patrice Perche sold 7,530 shares of Fortinet 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 completion of the sale, the executive vice president now directly owns 25,730 shares of the company’s stock, valued at approximately $2,019,547.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William H. Neukom bought 552 shares of the stock in a transaction on Friday, September 8th. The stock was purchased at an average cost of $63.28 per share, with a total value of $34,930.56. Following the completion of the purchase, the director now directly owns 291,551 shares in the company, valued at approximately $18,449,347.28. The disclosure for this purchase can be found here. In the last three months, insiders sold 67,218 shares of company stock worth $4,429,412. Company insiders own 17.54% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Rosenblatt Securities reissued a “neutral” rating and issued a $90.00 target price on shares of Fortinet in a report on Wednesday, September 13th. Cantor Fitzgerald reissued an “overweight” rating and issued a $75.00 target price on shares of Fortinet in a report on Tuesday, July 18th. Wells Fargo & Company dropped their target price on Fortinet from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Friday, August 4th. Mizuho reissued a “neutral” rating and issued a $68.00 target price on shares of Fortinet in a report on Wednesday, September 13th. Finally, The Goldman Sachs Group raised their price objective on Fortinet from $77.00 to $86.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. Ten investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat.com, Fortinet has an average rating of “Moderate Buy” and a consensus target price of $73.10.

Fortinet Stock Performance

NASDAQ:FTNT traded down $0.58 during mid-day trading on Tuesday, reaching $59.87. The stock had a trading volume of 1,710,744 shares, compared to its average volume of 5,459,350. The company has a debt-to-equity ratio of 3.09, a quick ratio of 1.29 and a current ratio of 1.39. The firm has a market capitalization of $47.02 billion, a price-to-earnings ratio of 45.45, a PEG ratio of 2.69 and a beta of 1.16. Fortinet, Inc. has a twelve month low of $42.61 and a twelve month high of $81.24. The business has a 50 day simple moving average of $66.53 and a 200 day simple moving average of $66.92.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.38 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.30 billion. During the same period last year, the firm earned $0.18 EPS. The company’s revenue for the quarter was up 25.5% on a year-over-year basis. On average, analysts expect that Fortinet, Inc. will post 1.24 earnings per share for the current fiscal year.

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.