Beacon Investment Advisory Services Inc. Has $28.98 Million Stake in Fortinet, Inc. $FTNT

Beacon Investment Advisory Services Inc. grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 274,119 shares of the software maker's stock after acquiring an additional 4,699 shares during the quarter. Fortinet accounts for approximately 1.3% of Beacon Investment Advisory Services Inc.'s investment portfolio, making the stock its 24th largest position. Beacon Investment Advisory Services Inc.'s holdings in Fortinet were worth $28,980,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. TD Private Client Wealth LLC acquired a new position in shares of Fortinet in the second quarter valued at approximately $504,000. Mather Group LLC. increased its stake in shares of Fortinet by 22.6% in the second quarter. Mather Group LLC. now owns 5,305 shares of the software maker's stock valued at $561,000 after buying an additional 978 shares during the period. Foster Victor Wealth Advisors LLC increased its stake in shares of Fortinet by 1.1% in the second quarter. Foster Victor Wealth Advisors LLC now owns 83,141 shares of the software maker's stock valued at $8,950,000 after buying an additional 943 shares during the period. Public Employees Retirement System of Ohio increased its stake in shares of Fortinet by 4.9% in the second quarter. Public Employees Retirement System of Ohio now owns 278,677 shares of the software maker's stock valued at $29,462,000 after buying an additional 13,004 shares during the period. Finally, Accurate Wealth Management LLC increased its stake in shares of Fortinet by 4.1% in the second quarter. Accurate Wealth Management LLC now owns 19,931 shares of the software maker's stock valued at $1,998,000 after buying an additional 776 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Analysts Set New Price Targets

FTNT has been the subject of several recent research reports. Wells Fargo & Company lowered their price objective on Fortinet from $110.00 to $85.00 and set an "equal weight" rating for the company in a research note on Thursday, August 7th. Morgan Stanley reiterated an "underweight" rating and issued a $67.00 target price (down from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. Scotiabank reduced their target price on Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 7th. Mizuho reduced their target price on Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a report on Thursday, August 7th. Finally, UBS Group reduced their target price on Fortinet from $105.00 to $90.00 and set a "neutral" 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 issued a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $97.03.

Insiders Place Their Bets

In related news, VP Michael Xie sold 476,596 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 value of $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 value of $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by company insiders.

Fortinet Price Performance

Fortinet stock opened at $83.60 on Thursday. The stock has a market capitalization of $64.06 billion, a price-to-earnings ratio of 33.31, a PEG ratio of 3.22 and a beta of 1.12. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The stock's 50 day moving average price is $86.22 and its two-hundred day moving average price is $95.65. 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 (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results 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 analysts' expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company's revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.57 EPS. On average, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current 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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