Castle Rock Wealth Management LLC Acquires 7,818 Shares of Fortinet, Inc. $FTNT

Key Points

• Castle Rock Wealth Management LLC has increased its stake in Fortinet by 85.8%, acquiring an additional 7,818 shares during the second quarter, bringing its total holdings to 16,926 shares valued at approximately $1.8 million.
• Several institutional investors have also adjusted their positions in Fortinet, with 83.71% of the stock now owned by institutional investors, indicating strong institutional interest.
• Fortinet has recently seen its stock price targets adjusted down by firms like JPMorgan Chase and Barclays, reflecting a shift in analyst sentiment with a consensus rating of "Hold" and an average price target of $97.03.

Castle Rock Wealth Management LLC raised its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 85.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,926 shares of the software maker's stock after buying an additional 7,818 shares during the period. Castle Rock Wealth Management LLC's holdings in Fortinet were worth $1,807,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in FTNT. Brighton Jones LLC lifted its position in shares of Fortinet by 2.2% during 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 bought a new position in shares of Fortinet during the fourth quarter valued at about $585,000. Wedmont Private Capital lifted its position in shares of Fortinet by 11.1% during the first quarter. Wedmont Private Capital now owns 6,451 shares of the software maker's stock valued at $630,000 after purchasing an additional 642 shares in the last quarter. Park Avenue Securities LLC lifted its position in shares of Fortinet by 27.4% during the first quarter. Park Avenue Securities LLC now owns 24,057 shares of the software maker's stock valued at $2,316,000 after purchasing an additional 5,171 shares in the last quarter. Finally, Capital Investment Advisors LLC lifted its position in shares of Fortinet by 9.5% during the first quarter. Capital Investment Advisors LLC now owns 6,990 shares of the software maker's stock valued at $673,000 after purchasing an additional 605 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 476,596 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 transaction of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares of the company's stock, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,486 shares of Fortinet 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 $15,607,701.28. Following 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 ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FTNT. JPMorgan Chase & Co. dropped their price target on shares of Fortinet from $105.00 to $87.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Evercore ISI decreased their price objective on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating for the company in a report on Friday, August 8th. Erste Group Bank downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 14th. Barclays decreased their price objective on shares of Fortinet from $110.00 to $90.00 and set an "equal weight" rating for the company in a report on Thursday, August 7th. Finally, Citigroup restated a "neutral" rating and set a $85.00 price objective (down previously from $110.00) on shares of Fortinet in a report on Monday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $97.03.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $84.92 on Wednesday. The company has a 50 day moving average of $82.58 and a 200 day moving average of $94.88. The stock has a market cap of $65.07 billion, a P/E ratio of 33.83, a P/E/G ratio of 3.26 and a beta of 1.09. 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.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. The company had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. Fortinet's revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.57 earnings per share. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS 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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