Fortinet, Inc. $FTNT Shares Acquired by Focus Financial Network Inc.

Focus Financial Network Inc. lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 14.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,964 shares of the software maker’s stock after acquiring an additional 501 shares during the quarter. Focus Financial Network Inc.’s holdings in Fortinet were worth $419,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Dover Advisors LLC increased its stake in shares of Fortinet by 1.0% during the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after acquiring an additional 94 shares during the period. Peloton Wealth Strategists grew its position in Fortinet by 2.4% in the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after buying an additional 100 shares during the last quarter. Hemington Wealth Management grew its position in Fortinet by 16.6% in the first quarter. Hemington Wealth Management now owns 752 shares of the software maker’s stock worth $72,000 after buying an additional 107 shares during the last quarter. Citizens Financial Group Inc. RI grew its position in Fortinet by 0.9% in the first quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker’s stock worth $1,187,000 after buying an additional 107 shares during the last quarter. Finally, SageView Advisory Group LLC grew its position in Fortinet by 3.5% in the first quarter. SageView Advisory Group LLC now owns 3,166 shares of the software maker’s stock worth $305,000 after buying an additional 108 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $84.21 on Friday. The firm’s 50-day moving average is $87.36 and its 200-day moving average is $95.96. 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. The company has a market cap of $64.53 billion, a price-to-earnings ratio of 33.55, a PEG ratio of 3.18 and a beta of 1.12.

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

Analysts Set New Price Targets

FTNT has been the topic of several recent research reports. Cantor Fitzgerald lifted their price target on shares of Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 16th. Royal Bank Of Canada decreased their price objective on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a research note on Thursday, August 7th. Mizuho decreased their price objective on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a research note on Thursday, August 7th. Wedbush decreased their price objective on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. Finally, Wells Fargo & Company decreased their price objective on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average price target of $97.03.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 476,596 shares of the stock in a transaction 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 sale, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

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.