Cooper Financial Group Makes New Investment in Fortinet, Inc. $FTNT

Key Points

• Cooper Financial Group has acquired a new position in Fortinet, Inc. by purchasing 25,098 shares valued at approximately $2.65 million in the second quarter.
• Fortinet reported a quarterly earnings result of $0.64 EPS, surpassing the consensus estimate of $0.59, with revenue of $1.63 billion.
• A significant number of institutional investors have increased their holdings in Fortinet, with 83.71% of the stock now owned by hedge funds and institutional investors.

Cooper Financial Group acquired a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 25,098 shares of the software maker's stock, valued at approximately $2,653,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. 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 acquiring an additional 225 shares during the last quarter. Saudi Central Bank bought a new stake in shares of Fortinet in the 1st quarter worth about $25,000. Clearstead Trust LLC bought a new stake in shares of Fortinet in the 1st quarter worth about $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 acquiring an additional 284 shares during 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 acquiring an additional 112 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Down 0.7%

NASDAQ:FTNT opened at $84.08 on Wednesday. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The firm has a market cap of $64.43 billion, a P/E ratio of 33.50, a P/E/G ratio of 3.19 and a beta of 1.12. The firm has a 50-day simple moving average of $84.50 and a 200-day simple moving average of $95.30.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 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 quarter in the previous year, the business posted $0.57 EPS. The company's quarterly revenue was up 13.6% compared to the same quarter last year. Equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity

In other news, VP Michael Xie sold 476,596 shares of the business'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 approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer directly owned 51,391,879 shares in the company, 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. Insiders own 18.00% of the company's stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of several analyst reports. Erste Group Bank lowered shares of Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 14th. Morgan Stanley reiterated an "underweight" rating and set a $67.00 price objective (down previously from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. Stifel Nicolaus decreased their price objective on shares of Fortinet from $95.00 to $85.00 and set a "hold" rating for the company in a report on Thursday, August 7th. BMO Capital Markets decreased their price objective on shares of Fortinet from $110.00 to $90.00 and set a "market perform" rating for the company in a report on Thursday, August 7th. Finally, Mizuho decreased their price objective on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating for the company in a report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Fortinet presently has an average rating of "Hold" and an average target price of $97.03.

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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