11,830 Shares in Fortinet, Inc. $FTNT Purchased by Roof Eidam Maycock Peralta LLC

Key Points

• Roof Eidam Maycock Peralta LLC acquired 11,830 shares of Fortinet, valued at approximately $1,251,000, during the 2nd quarter of 2023.
• Fortinet's quarterly earnings beat analysts' estimates, reporting $0.64 earnings per share against a consensus estimate of $0.59.
• Insiders, including VP Michael Xie and CEO Ken Xie, sold substantial amounts of Fortinet shares, with Michael Xie selling 476,596 shares for over $46 million.

Roof Eidam Maycock Peralta LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 11,830 shares of the software maker's stock, valued at approximately $1,251,000.

Several other large investors have also recently added to or reduced their stakes in FTNT. Cooper Financial Group purchased a new position in shares of Fortinet during the 2nd quarter worth about $2,653,000. Mainstay Capital Management LLC ADV raised its stake in Fortinet by 105.8% during the second quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker's stock worth $1,778,000 after purchasing an additional 8,643 shares during the period. Geneos Wealth Management Inc. raised its stake in Fortinet by 40.7% during the first quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker's stock worth $7,045,000 after purchasing an additional 21,177 shares during the period. Ritholtz Wealth Management raised its stake in Fortinet by 38.4% during the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock worth $654,000 after purchasing an additional 1,885 shares during the period. Finally, 1834 Investment Advisors Co. raised its stake in Fortinet by 2.9% during the second quarter. 1834 Investment Advisors Co. now owns 12,332 shares of the software maker's stock worth $1,304,000 after purchasing an additional 353 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $83.14 on Friday. The company has a market cap of $63.71 billion, a P/E ratio of 33.12, a PEG ratio of 3.15 and a beta of 1.09. 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, Inc. has a one year low of $70.12 and a one year high of $114.82. The business's 50-day simple moving average is $81.07 and its 200 day simple moving average is $94.19.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business's quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.57 earnings per share. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction dated 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 sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Cantor Fitzgerald increased their target price on 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 cut their price objective on Fortinet from $110.00 to $95.00 and set a "sector perform" rating on the stock in a report on Thursday, August 7th. Barclays cut their price objective on Fortinet from $110.00 to $90.00 and set an "equal weight" rating on the stock in a report on Thursday, August 7th. Morgan Stanley restated an "underweight" rating and issued a $67.00 price objective (down from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. Finally, Truist Financial cut their price target on shares of Fortinet from $125.00 to $95.00 and set a "buy" 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 given a Buy rating, twenty-six have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Fortinet currently has an average rating of "Hold" and a consensus target price of $97.03.

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.

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.