ORG Partners LLC Grows Position in Fortinet, Inc. (NASDAQ:FTNT)

ORG Partners LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 47.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 348 shares of the software maker’s stock after purchasing an additional 112 shares during the quarter. ORG Partners LLC’s holdings in Fortinet were worth $34,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Fortinet in the fourth quarter worth about $724,048,000. Schroder Investment Management Group purchased a new stake in shares of Fortinet in the fourth quarter worth about $389,867,000. FMR LLC lifted its holdings in shares of Fortinet by 77.2% in the fourth quarter. FMR LLC now owns 6,531,705 shares of the software maker’s stock worth $617,115,000 after buying an additional 2,846,475 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Fortinet by 39.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 7,622,253 shares of the software maker’s stock worth $720,150,000 after buying an additional 2,151,811 shares in the last quarter. Finally, Bessemer Group Inc. lifted its holdings in shares of Fortinet by 72.6% in the fourth quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker’s stock worth $463,561,000 after buying an additional 2,064,016 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Shares of FTNT stock opened at $99.85 on Monday. The stock has a fifty day moving average of $101.86 and a 200 day moving average of $100.31. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The firm has a market capitalization of $76.43 billion, a price-to-earnings ratio of 41.09, a PEG ratio of 3.44 and a beta of 1.07. The company has a quick ratio of 1.29, a current ratio of 1.36 and a debt-to-equity ratio of 0.25.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the firm posted $0.43 earnings per share. The firm’s revenue was up 13.8% on a year-over-year basis. As a group, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Fortinet from a “hold” rating to a “buy” rating in a report on Tuesday, May 20th. Stephens initiated coverage on shares of Fortinet in a report on Tuesday, April 1st. They issued an “equal weight” rating and a $108.00 price target on the stock. Cantor Fitzgerald decreased their price objective on shares of Fortinet from $115.00 to $100.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. BMO Capital Markets decreased their price objective on shares of Fortinet from $122.00 to $110.00 and set a “market perform” rating on the stock in a research report on Thursday, May 8th. Finally, UBS Group decreased their price objective on shares of Fortinet from $115.00 to $105.00 and set a “neutral” rating on the stock in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $104.80.

Insider Buying and Selling at Fortinet

In other news, Director William H. Neukom acquired 335 shares of the stock in a transaction on Friday, June 6th. The stock was acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the transaction, the director now owns 301,471 shares of the company’s stock, valued at $31,419,307.62. This represents a 0.11% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,488 shares of the firm’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total value of $16,815,576.80. Following the transaction, the chief executive officer now directly owns 51,391,879 shares of the company’s stock, valued at $5,452,678,361.90. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 18.00% of the company’s stock.

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.