9,055 Fortinet, Inc. $FTNT Shares Acquired by One Way Holdings LLC

One Way Holdings LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 6.7% during the 3rd quarter, Holdings Channel reports. The fund owned 144,020 shares of the software maker’s stock after buying an additional 9,055 shares during the period. One Way Holdings LLC’s holdings in Fortinet were worth $25,745,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in FTNT. Burk Holdings LLC bought a new stake in shares of Fortinet during the second quarter valued at approximately $25,000. Dunhill Financial LLC acquired a new stake in Fortinet in the 2nd quarter valued at $25,000. Cornerstone Financial Management LLC increased its stake in Fortinet by 102.5% during the 2nd quarter. Cornerstone Financial Management LLC now owns 164 shares of the software maker’s stock valued at $25,000 after purchasing an additional 83 shares in the last quarter. NFSG Corp bought a new stake in Fortinet during the 3rd quarter valued at $34,000. Finally, Timbuktu Capital Management LLC bought a new stake in Fortinet during the 2nd quarter valued at $31,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $136.08 on Monday. The company has a current ratio of 1.40, a quick ratio of 1.28 and a debt-to-equity ratio of 0.22. The company has a market cap of $99.84 billion, a price-to-earnings ratio of 44.18, a PEG ratio of 2.63 and a beta of 1.04. Fortinet, Inc. has a 12 month low of $73.55 and a 12 month high of $197.13. The business’s 50 day simple moving average is $171.34 and its 200 day simple moving average is $128.28.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, October 28th. The software maker reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. The business had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.06 billion. Fortinet had a net margin of 28.96% and a return on equity of 152.72%. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.74 EPS. Sell-side analysts forecast that Fortinet, Inc. will post 3.19 EPS for the current year.

Insider Transactions at Fortinet

In other Fortinet news, COO John Whittle sold 2,835 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $168.74, for a total value of $478,377.90. Following the completion of the transaction, the chief operating officer owned 96,987 shares in the company, valued at $16,365,586.38. This trade represents a 2.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 17.60% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent research reports. Piper Sandler set a $140.00 price objective on shares of Fortinet and gave the company a “neutral” rating in a research note on Thursday. Daiwa Securities Group upped their target price on shares of Fortinet from $115.00 to $165.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. DZ Bank lowered shares of Fortinet from a “hold” rating to a “strong sell” rating in a report on Thursday, July 30th. TD Cowen dropped their price target on shares of Fortinet from $225.00 to $190.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $145.00 price target on shares of Fortinet in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty-four have given a Hold rating and six have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $147.94.

Fortinet Company Profile

Fortinet, Inc develops cybersecurity products and services designed to protect networks, endpoints, applications, cloud environments and operational technology systems. The company’s portfolio includes next-generation firewalls, secure networking products, endpoint security, web application security, email security, identity and access solutions, and security information and event management tools.

Its product offerings include FortiGate network security appliances and cloud-based firewalls, along with FortiSwitch, FortiAP and FortiExtender solutions for secure connectivity.