Asset Advisors Investment Management LLC Purchases 5,010 Shares of Fortinet, Inc. $FTNT

Key Points

• Asset Advisors Investment Management LLC increased its holdings in Fortinet, Inc. by 29.0%, buying an additional 5,010 shares to total 22,290 shares valued at approximately $2.36 million.
• Insider transactions revealed that VP Michael Xie and CEO Ken Xie sold significant portions of their shares in Fortinet, totaling over $62 million, leading to a decrease in their respective ownership percentages.
• Fortinet's stock saw positive momentum, opening at $86.29 and reporting a year-over-year revenue growth of 13.6%, while analysts adjusted price targets, with many recommending a "hold" rating.

Asset Advisors Investment Management LLC increased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 29.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,290 shares of the software maker's stock after purchasing an additional 5,010 shares during the period. Asset Advisors Investment Management LLC's holdings in Fortinet were worth $2,356,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. SJS Investment Consulting Inc. lifted its holdings in shares of 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. Saudi Central Bank bought a new position in shares of Fortinet in the 1st quarter worth $25,000. Clearstead Trust LLC bought a new position in shares of Fortinet in the 1st quarter worth $28,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of 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 lifted its holdings in shares of 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 currently owned by institutional investors.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the company'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 $46,935,174.08. Following the completion of the sale, the vice president owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 158,486 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 $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 $5,061,072,243.92. The trade was 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 Stock Up 1.3%

FTNT stock opened at $86.29 on Friday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $66.12 billion, a PE ratio of 34.38, a PEG ratio of 3.21 and a beta of 1.09. The stock has a 50-day simple moving average of $83.73 and a two-hundred day simple moving average of $95.16.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the previous year, the business posted $0.57 earnings per share. Fortinet's revenue for the quarter was up 13.6% on a year-over-year basis. On average, equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on FTNT shares. Wells Fargo & Company dropped their price objective 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. Rosenblatt Securities restated a "neutral" rating and set a $85.00 price objective (down from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Citigroup restated a "neutral" rating and set a $85.00 price objective (down from $110.00) on shares of Fortinet in a research note on Monday, August 18th. TD Cowen restated a "hold" rating and set a $105.00 price objective on shares of Fortinet in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. dropped their price objective on Fortinet from $105.00 to $87.00 and set a "neutral" rating on the stock in a research note 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 given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Fortinet has an average rating of "Hold" and a consensus price target 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.

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