Savant Capital LLC Has $347,000 Stake in Fortinet, Inc. (NASDAQ:FTNT)

Savant Capital LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 56.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,937 shares of the software maker’s stock after buying an additional 2,149 shares during the period. Savant Capital LLC’s holdings in Fortinet were worth $347,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. Cito Capital Group LLC acquired a new stake in Fortinet in the third quarter worth $660,000. Vontobel Holding Ltd. raised its stake in Fortinet by 7.3% during the 4th quarter. Vontobel Holding Ltd. now owns 507,306 shares of the software maker’s stock worth $29,693,000 after buying an additional 34,582 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in Fortinet by 2,092.4% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,603 shares of the software maker’s stock worth $2,411,000 after acquiring an additional 38,751 shares in the last quarter. Alamar Capital Management LLC grew its stake in Fortinet by 12.5% in the third quarter. Alamar Capital Management LLC now owns 63,788 shares of the software maker’s stock valued at $3,743,000 after acquiring an additional 7,110 shares during the period. Finally, Marshall Financial Group LLC bought a new stake in shares of Fortinet in the fourth quarter worth about $1,487,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. BMO Capital Markets decreased their price objective on Fortinet from $82.00 to $70.00 and set a “market perform” rating for the company in a research report on Friday. Wells Fargo & Company lowered their price objective on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a research report on Friday. Robert W. Baird cut their price objective on shares of Fortinet from $81.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday. Scotiabank dropped their price target on Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday. Finally, StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus target price of $70.87.

Fortinet Stock Performance

Shares of FTNT stock opened at $58.88 on Monday. The company has a market capitalization of $44.94 billion, a price-to-earnings ratio of 38.48, a PEG ratio of 2.61 and a beta of 1.08. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.06 and a current ratio of 1.19. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24. The company has a 50-day simple moving average of $67.53 and a 200 day simple moving average of $61.92.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 5,061.85% and a net margin of 22.23%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.29 earnings per share. On average, sell-side analysts predict that Fortinet, Inc. will post 1.4 earnings per share for the current year.

Insider Activity

In related news, CEO Ken Xie sold 46,084 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the transaction, the chief executive officer now directly owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Ken Xie sold 46,084 shares of the stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $69.07, for a total transaction of $3,183,021.88. Following the sale, the chief executive officer now owns 51,813,638 shares of the company’s stock, valued at $3,578,767,976.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total value of $1,593,300.80. Following the transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 118,480 shares of company stock valued at $8,021,556. 17.54% of the stock is owned by company insiders.

About Fortinet

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.