Kodai Capital Management LP Purchases Shares of 141,581 Fortinet, Inc. $FTNT

by · The Cerbat Gem

Kodai Capital Management LP bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 141,581 shares of the software maker’s stock, valued at approximately $13,629,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after purchasing an additional 3,546,934 shares during the last quarter. Invesco Ltd. lifted its stake in Fortinet by 2.2% during the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock worth $824,999,000 after purchasing an additional 181,835 shares during the last quarter. Northern Trust Corp lifted its stake in Fortinet by 0.8% during the first quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock worth $627,573,000 after purchasing an additional 49,238 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Fortinet by 3.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,990,190 shares of the software maker’s stock worth $565,953,000 after purchasing an additional 202,259 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Fortinet by 8.3% during the first quarter. Goldman Sachs Group Inc. now owns 5,106,259 shares of the software maker’s stock worth $491,528,000 after purchasing an additional 389,718 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on FTNT shares. JPMorgan Chase & Co. cut their price target on Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Cantor Fitzgerald lifted their price target on Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 16th. Mizuho cut their price target on Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a research report on Thursday, August 7th. Erste Group Bank lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. Finally, Barclays dropped their target price on Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $97.40.

Read Our Latest Report on FTNT

Insider Activity

In other news, CEO Ken Xie sold 158,486 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the sale, the vice president owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

Fortinet Stock Up 1.5%

Shares of NASDAQ:FTNT opened at $79.29 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The stock’s fifty day simple moving average is $95.11 and its 200-day simple moving average is $99.37. The company has a market capitalization of $60.76 billion, a P/E ratio of 31.59, a P/E/G ratio of 2.96 and a beta of 1.07.

Fortinet (NASDAQ:FTNT – Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the prior year, the business earned $0.57 earnings per share. The business’s revenue was up 13.6% on a year-over-year basis. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Fortinet Company Profile

(Free Report)

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.

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