CapWealth Advisors LLC Boosts Stock Holdings in Fortinet, Inc. $FTNT

Key Points

• CapWealth Advisors LLC increased its stake in Fortinet, Inc. by 77.2% during Q2, owning 121,624 shares valued at approximately $12.86 million as of its latest filing.
• Several other institutional investors also adjusted their positions in Fortinet, with 83.71% of the stock currently owned by such investors.
• Fortinet's recent quarterly earnings exceeded analyst expectations, reporting earnings per share of $0.64 and a revenue of $1.63 billion, marking a 13.6% year-over-year increase.

CapWealth Advisors LLC grew its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 77.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 121,624 shares of the software maker's stock after purchasing an additional 52,989 shares during the period. CapWealth Advisors LLC's holdings in Fortinet were worth $12,858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in FTNT. Brighton Jones LLC grew its position in shares of Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after purchasing an additional 221 shares in the last quarter. Bison Wealth LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $585,000. GAMMA Investing LLC grew its position in shares of Fortinet by 18.9% in the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock valued at $1,928,000 after purchasing an additional 3,189 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Fortinet by 40.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after purchasing an additional 38,080 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC purchased a new stake in shares of Fortinet in the first quarter valued at approximately $216,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 476,596 shares of the firm's stock in a transaction dated Monday, August 4th. The shares were 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 in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. 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 firm's stock in a transaction dated 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 completion of the sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

Fortinet Stock Up 0.4%

Shares of NASDAQ FTNT opened at $83.44 on Friday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The stock has a market cap of $63.94 billion, a P/E ratio of 33.24, a PEG ratio of 3.13 and a beta of 1.09. The business's fifty day simple moving average is $81.25 and its 200-day simple moving average is $94.10.

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 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 analysts' expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.Fortinet's quarterly revenue was up 13.6% on a year-over-year basis. During the same period last year, the firm earned $0.57 earnings per share. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on FTNT shares. Truist Financial lowered their price objective on Fortinet from $125.00 to $95.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. 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 report on Thursday, August 7th. Rosenblatt Securities reiterated a "neutral" rating and issued a $85.00 price objective (down from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. Mizuho lowered their price objective on Fortinet from $87.00 to $75.00 and set an "underperform" rating for the company in a research report on Thursday, August 7th. Finally, UBS Group lowered their price objective on Fortinet from $105.00 to $90.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently 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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