5,672 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Olympiad Research LP

Olympiad Research LP bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 5,672 shares of the software maker’s stock, valued at approximately $440,000.

Other large investors have also bought and sold shares of the company. Eagle Capital Management LLC increased its position in shares of Fortinet by 0.6% in the third quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares during the period. Parallel Advisors LLC raised its position in Fortinet by 2.0% during the 2nd quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after purchasing an additional 148 shares during the last quarter. Private Wealth Management Group LLC lifted its holdings in Fortinet by 73.3% in the 3rd quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after buying an additional 173 shares during the period. Simplicity Wealth LLC lifted its stake in Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after acquiring an additional 174 shares during the period. Finally, Werlinich Asset Management LLC increased its position in Fortinet by 1.7% during the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after purchasing an additional 180 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 70,538 shares of company stock valued at $5,403,559 in the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $81.89 on Thursday. The business has a fifty day moving average of $78.28 and a 200 day moving average of $67.82. Fortinet, Inc. has a 1 year low of $49.44 and a 1 year high of $83.77. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The firm has a market capitalization of $62.64 billion, a price-to-earnings ratio of 47.85, a price-to-earnings-growth ratio of 2.78 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the company posted $0.31 earnings per share. The company’s revenue was up 10.9% compared to the same quarter last year. As a group, research analysts expect that Fortinet, Inc. will post 1.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FTNT. BMO Capital Markets lifted their price objective on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Friday, October 25th. JPMorgan Chase & Co. upped their price target on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, Rosenblatt Securities boosted their price objective on shares of Fortinet from $72.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Fortinet presently has an average rating of “Hold” and an average price target of $74.68.

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.