Hussman Strategic Advisors Inc. Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Hussman Strategic Advisors Inc. acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 21,000 shares of the software maker’s stock, valued at approximately $1,229,000.

Several other hedge funds have also recently bought and sold shares of the company. Headinvest LLC purchased a new stake in Fortinet during the third quarter worth about $29,000. Atwood & Palmer Inc. purchased a new stake in Fortinet during the 4th quarter worth approximately $29,000. Retirement Group LLC acquired a new stake in Fortinet during the 4th quarter worth approximately $30,000. Resurgent Financial Advisors LLC purchased a new position in Fortinet in the 4th quarter valued at approximately $31,000. Finally, Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of Fortinet in the third quarter worth $37,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity

In related news, CEO Ken Xie sold 23,694 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Ken Xie sold 23,694 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total transaction of $1,691,751.60. Following the completion of the transaction, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 38,369 shares of Fortinet stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $66.45, for a total value of $2,549,620.05. Following the completion of the sale, the vice president now directly owns 29,887,018 shares in the company, valued at approximately $1,985,992,346.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 132,139 shares of company stock valued at $8,977,876. Company insiders own 17.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on FTNT shares. Stifel Nicolaus lifted their target price on Fortinet from $52.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, February 7th. StockNews.com cut Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday. Cantor Fitzgerald restated a “neutral” rating and set a $65.00 target price on shares of Fortinet in a research note on Wednesday, April 17th. DZ Bank downgraded shares of Fortinet from a “hold” rating to a “sell” rating and set a $60.00 price target for the company. in a research note on Thursday, February 8th. Finally, The Goldman Sachs Group increased their price objective on shares of Fortinet from $60.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, February 8th. Two equities research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $72.19.

Fortinet Trading Up 0.8 %

NASDAQ FTNT opened at $63.90 on Monday. The firm’s fifty day moving average is $68.50 and its two-hundred day moving average is $61.60. Fortinet, Inc. has a one year low of $44.12 and a one year high of $81.24. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. The firm has a market cap of $48.76 billion, a PE ratio of 43.72, a P/E/G ratio of 2.81 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Monday, February 5th. The software maker reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.08. The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. Fortinet had a negative return on equity of 7,572.46% and a net margin of 21.64%. The business’s revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the company posted $0.38 earnings per share. Analysts expect that Fortinet, Inc. will post 1.39 earnings per share for the current 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.