Fortinet, Inc. $FTNT Shares Purchased by Focus Partners Wealth

Focus Partners Wealth increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 52.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 63,612 shares of the software maker’s stock after acquiring an additional 21,916 shares during the period. Focus Partners Wealth’s holdings in Fortinet were worth $6,123,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Saudi Central Bank purchased a new position in Fortinet in the 1st quarter worth about $25,000. SJS Investment Consulting Inc. increased its stake in Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after purchasing an additional 225 shares in the last quarter. Clearstead Trust LLC purchased a new position in Fortinet in the 1st quarter worth about $28,000. Caitong International Asset Management Co. Ltd increased its stake in Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after purchasing an additional 284 shares in the last quarter. Finally, ORG Partners LLC increased its stake in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after purchasing an additional 112 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of analyst reports. KeyCorp cut Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 price target (down previously from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Wells Fargo & Company dropped their price target on Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 7th. Wedbush lowered their target price on Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada dropped their target price on Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $97.03.

Fortinet Trading Down 1.5%

Shares of NASDAQ FTNT opened at $79.68 on Monday. The stock has a market cap of $61.06 billion, a price-to-earnings ratio of 31.75, a PEG ratio of 3.01 and a beta of 1.13. The business has a 50 day simple moving average of $89.66 and a 200 day simple moving average of $96.78. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.57 EPS. On average, research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 476,596 shares of the business’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. Insiders own 18.00% of the company’s stock.

Fortinet Company 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.