Moloney Securities Asset Management LLC Boosts Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Moloney Securities Asset Management LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 4,595 shares of the software maker’s stock after purchasing an additional 425 shares during the period. Moloney Securities Asset Management LLC’s holdings in Fortinet were worth $277,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Fortinet by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after purchasing an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD increased its position in Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB increased its position in Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after purchasing an additional 134,366 shares during the period. Jacobs Levy Equity Management Inc. grew its position in shares of Fortinet by 7.6% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 3,996,822 shares of the software maker’s stock worth $273,023,000 after buying an additional 283,339 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Fortinet in the 4th quarter worth approximately $203,501,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In related news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the sale, the chief financial officer now owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the sale, the chief financial officer now owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,608 shares of company stock valued at $7,132,649. 18.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FTNT. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. StockNews.com downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday. BMO Capital Markets lifted their price objective on shares of Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 7th. Hsbc Global Res raised shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Finally, TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research report on Thursday, July 18th. Twenty-four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $71.31.

Fortinet Price Performance

FTNT opened at $76.71 on Friday. The firm has a fifty day moving average price of $64.06 and a 200 day moving average price of $64.49. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $77.18. The stock has a market cap of $58.60 billion, a P/E ratio of 50.14, a P/E/G ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the business posted $0.31 EPS. The business’s revenue was up 10.9% compared to the same quarter last year. Equities analysts expect that Fortinet, Inc. will post 1.47 EPS for the current year.

Fortinet Profile

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.