Daymark Wealth Partners LLC Has $17.03 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Daymark Wealth Partners LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 39.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 282,477 shares of the software maker’s stock after purchasing an additional 79,596 shares during the period. Daymark Wealth Partners LLC’s holdings in Fortinet were worth $17,025,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. United Services Automobile Association raised its stake in Fortinet by 10.5% during the fourth quarter. United Services Automobile Association now owns 18,495 shares of the software maker’s stock worth $1,083,000 after acquiring an additional 1,758 shares in the last quarter. TD Asset Management Inc increased its holdings in shares of Fortinet by 6.3% during the fourth quarter. TD Asset Management Inc now owns 1,889,149 shares of the software maker’s stock worth $110,572,000 after buying an additional 112,752 shares in the last quarter. Focus Financial Network Inc. ADV acquired a new position in shares of Fortinet during the fourth quarter worth $260,000. Legacy Advisors LLC lifted its stake in shares of Fortinet by 1.1% in the 4th quarter. Legacy Advisors LLC now owns 22,083 shares of the software maker’s stock valued at $1,293,000 after acquiring an additional 243 shares during the last quarter. Finally, Fiduciary Trust Co grew its position in Fortinet by 121.3% during the 4th quarter. Fiduciary Trust Co now owns 10,422 shares of the software maker’s stock worth $610,000 after acquiring an additional 5,713 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 24,267 shares of Fortinet stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the sale, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 24,267 shares of Fortinet stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The disclosure for this sale can be found here. Insiders sold a total of 96,210 shares of company stock valued at $6,337,801 in the last ninety days. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on FTNT shares. Morgan Stanley cut their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. Barclays reduced their target price on shares of Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a report on Thursday, July 11th. Piper Sandler upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Rosenblatt Securities decreased their price objective on Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, Citigroup lifted their target price on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. Twenty-three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $71.57.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $76.61 on Thursday. The stock’s fifty day simple moving average is $69.94 and its two-hundred day simple moving average is $65.33. The stock has a market cap of $58.60 billion, a PE ratio of 50.07, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $78.18.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter last year, the business posted $0.31 EPS. As a group, analysts forecast that Fortinet, Inc. will post 1.72 EPS for the current fiscal year.

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.