1834 Investment Advisors Co. Has $1.15 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• 1834 Investment Advisors Co. increased its stake in Fortinet, acquiring an additional 5,470 shares, bringing their total to 11,979 shares valued at approximately $1.15 million.
• Fortinet reported a Q2 earnings per share (EPS) of $0.64, exceeding analysts' expectations, with a year-over-year revenue increase of 13.6% to $1.63 billion.
• Insider transactions included CEO Ken Xie selling 158,486 shares and VP Michael Xie selling 476,596 shares, both on August 4th, reducing their ownership by 0.31% and 4.67% respectively.

1834 Investment Advisors Co. increased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 84.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,979 shares of the software maker's stock after acquiring an additional 5,470 shares during the quarter. 1834 Investment Advisors Co.'s holdings in Fortinet were worth $1,153,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of FTNT. SJS Investment Consulting Inc. increased its holdings in shares of Fortinet by 703.1% during 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 during the period. Clearstead Trust LLC bought a new position in shares of Fortinet during the 1st quarter worth about $28,000. ORG Partners LLC increased its holdings in shares of Fortinet by 47.5% during 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 during the period. EQ Wealth Advisors LLC bought a new position in shares of Fortinet during the 1st quarter worth about $35,000. Finally, Wayfinding Financial LLC acquired a new stake in Fortinet during the first quarter worth $36,000. Institutional investors own 83.71% of the company's stock.

Fortinet Trading Down 1.2%

NASDAQ FTNT traded down $0.91 during trading hours on Friday, hitting $74.39. The company's stock had a trading volume of 17,001,530 shares, compared to its average volume of 6,194,551. The stock has a fifty day moving average of $101.76 and a 200 day moving average of $101.60. Fortinet, Inc. has a twelve month low of $67.97 and a twelve month high of $114.82. The firm has a market capitalization of $56.94 billion, a P/E ratio of 29.64, a PEG ratio of 2.59 and a beta of 1.07. The company has a quick ratio of 1.29, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. TD Cowen reaffirmed a "hold" rating and set a $105.00 price objective on shares of Fortinet in a report on Thursday. Roth Capital set a $103.00 price target on shares of Fortinet and gave the stock a "neutral" rating in a research note on Tuesday, April 22nd. Cowen lowered Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday. Royal Bank Of Canada dropped their target price on Fortinet from $110.00 to $95.00 and set a "sector perform" rating for the company in a report on Thursday. Finally, KeyCorp downgraded Fortinet from an "overweight" rating to a "sector weight" rating in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, twenty-five have given a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of "Hold" and a consensus price target of $97.93.

Insider Activity at Fortinet

In other Fortinet news, Director William H. Neukom acquired 335 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the acquisition, the director directly owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

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.