5,222 Shares in Fortinet, Inc. $FTNT Bought by Tema Etfs LLC

Key Points

• Tema Etfs LLC purchased 5,222 shares of Fortinet, Inc. during the first quarter, valued at approximately $503,000.
• Fortinet's stock ratings have seen adjustments with analysts from Morgan Stanley lowering their rating from "overweight" to "reduce," while the consensus rating remains a "Hold" with an average price target of $97.40.
• CEO Ken Xie sold 158,486 shares of Fortinet stock for over $15.6 million, although he still holds a significant portion of the company's shares worth approximately $5 billion.

Tema Etfs LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,222 shares of the software maker's stock, valued at approximately $503,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Hemington Wealth Management boosted its stake in Fortinet by 16.6% during the first quarter. Hemington Wealth Management now owns 752 shares of the software maker's stock worth $72,000 after acquiring an additional 107 shares in the last quarter. Citizens Financial Group Inc. RI boosted its stake in Fortinet by 0.9% during the first quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker's stock worth $1,187,000 after acquiring an additional 107 shares in the last quarter. Eagle Capital Management LLC boosted its stake in Fortinet by 0.4% during the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock worth $2,530,000 after acquiring an additional 109 shares in the last quarter. ORG Partners LLC boosted its stake in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares in the last quarter. Finally, Bogart Wealth LLC boosted its stake in Fortinet by 37.3% during the first quarter. Bogart Wealth LLC now owns 412 shares of the software maker's stock worth $40,000 after acquiring an additional 112 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FTNT has been the topic of several research analyst reports. Morgan Stanley lowered shares of Fortinet from an "overweight" rating to a "reduce" rating and cut their target price for the stock from $110.00 to $78.00 in a research note on Thursday, August 7th. Wells Fargo & Company lowered their price objective on shares of Fortinet from $110.00 to $85.00 and set an "equal weight" rating on the stock in a report on Thursday, August 7th. Erste Group Bank downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 14th. Robert W. Baird upped their price objective on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Finally, BMO Capital Markets lowered their price objective on shares of Fortinet from $110.00 to $90.00 and set a "market 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 given a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of "Hold" and an average target price of $97.40.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William H. Neukom acquired 335 shares of the business's stock in a transaction on Friday, June 6th. The shares were purchased 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 in the company, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 17.20% of the company's stock.

Fortinet Price Performance

FTNT opened at $79.29 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The company has a market capitalization of $60.76 billion, a price-to-earnings ratio of 31.59, a P/E/G ratio of 2.96 and a beta of 1.07. The firm's fifty day moving average price is $95.11 and its two-hundred day moving average price is $99.37. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82.

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, topping analysts' consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business's revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 EPS. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share 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.

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