Consilium Wealth Advisory LLC Has $1.13 Million Stake in Fortinet, Inc. $FTNT

Key Points

• Consilium Wealth Advisory LLC increased its stake in Fortinet, Inc. by 96%, owning 10,651 shares valued at approximately $1.13 million at the end of the second quarter.
• The stock has seen significant changes in institutional ownership, with 83.71% of shares currently owned by institutional investors and hedge funds.
• Fortinet reported a quarterly earnings per share (EPS) of $0.64, exceeding analysts' expectations of $0.59, along with a 13.6% increase in revenue year-over-year.

Consilium Wealth Advisory LLC lifted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 96.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,651 shares of the software maker's stock after purchasing an additional 5,216 shares during the quarter. Consilium Wealth Advisory LLC's holdings in Fortinet were worth $1,126,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of FTNT. Saudi Central Bank acquired a new position in Fortinet during the first quarter worth $25,000. SJS Investment Consulting Inc. raised its stake in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after acquiring an additional 225 shares in the last quarter. Clearstead Trust LLC acquired a new position in Fortinet during the first quarter worth $28,000. Caitong International Asset Management Co. Ltd raised its stake in Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock worth $29,000 after acquiring an additional 284 shares in the last quarter. Finally, ORG Partners LLC raised 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. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Price Performance

Shares of FTNT stock opened at $85.79 on Friday. The stock has a 50-day moving average price of $83.35 and a 200 day moving average price of $95.08. 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 cap of $65.74 billion, a price-to-earnings ratio of 34.18, a PEG 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.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company's revenue was up 13.6% on a year-over-year basis. During the same period last year, the company earned $0.57 earnings per share. Research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the firm's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 476,596 shares of the firm's stock in a transaction dated 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 owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Rosenblatt Securities reiterated 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. Weiss Ratings reiterated a "hold (c+)" rating on shares of Fortinet in a research note on Saturday, September 27th. BMO Capital Markets lowered their target price on Fortinet from $110.00 to $90.00 and set a "market perform" rating for the company in a research note on Thursday, August 7th. Wedbush lowered their target price on Fortinet from $120.00 to $100.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Finally, Scotiabank lowered their target price on Fortinet from $115.00 to $85.00 and set a "sector outperform" rating for the company in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price 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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