Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Personal CFO Solutions LLC

Personal CFO Solutions LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 29.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,419 shares of the software maker’s stock after acquiring an additional 1,465 shares during the quarter. Personal CFO Solutions LLC’s holdings in Fortinet were worth $376,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Aptus Capital Advisors LLC raised its position in Fortinet by 44.1% in the third quarter. Aptus Capital Advisors LLC now owns 4,330 shares of the software maker’s stock valued at $254,000 after purchasing an additional 1,325 shares during the period. Deutsche Bank AG raised its position in Fortinet by 1.6% in the third quarter. Deutsche Bank AG now owns 1,921,857 shares of the software maker’s stock valued at $112,775,000 after purchasing an additional 30,129 shares during the period. Valley Wealth Managers Inc. raised its position in Fortinet by 5.8% in the third quarter. Valley Wealth Managers Inc. now owns 4,403 shares of the software maker’s stock valued at $258,000 after purchasing an additional 241 shares during the period. Andar Capital Management HK Ltd purchased a new position in Fortinet in the third quarter valued at about $2,582,000. Finally, Sonen Capital LLC increased its position in shares of Fortinet by 11.7% during the third quarter. Sonen Capital LLC now owns 12,156 shares of the software maker’s stock worth $713,000 after acquiring an additional 1,277 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FTNT. Truist Financial dropped their target price on Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Evercore ISI dropped their target price on Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research report on Friday, May 3rd. Mizuho dropped their target price on Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Wells Fargo & Company dropped their target price on Fortinet from $70.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. Finally, Cantor Fitzgerald dropped their target price on Fortinet from $65.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $70.10.

Check Out Our Latest Research Report on FTNT

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the sale, the chief executive officer now owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William H. Neukom bought 586 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were purchased at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the acquisition, the director now owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. Insiders have sold a total of 67,403 shares of company stock valued at $4,262,858 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $60.09 on Tuesday. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. The stock has a 50 day simple moving average of $62.91 and a 200-day simple moving average of $63.10. The company has a market cap of $45.91 billion, a PE ratio of 39.27, a P/E/G ratio of 2.93 and a beta of 0.98. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24.

Fortinet (NASDAQ:FTNTGet Free Report) last issued its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.29 earnings per share. On average, equities research analysts forecast that Fortinet, Inc. will post 1.46 EPS for the current 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.

See Also

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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