CreativeOne Wealth LLC Has $1.85 Million Position in Fortinet, Inc. $FTNT

Key Points

• CreativeOne Wealth LLC increased its stake in Fortinet, Inc. by 32.4%, now owning 19,257 shares valued at $1.85 million.
• CEO Ken Xie sold 158,486 shares of Fortinet stock for approximately $15.6 million, reducing his ownership by 0.31%.
• Fortinet reported quarterly earnings of $0.64 EPS, exceeding analyst expectations, with revenue reaching $1.63 billion.

CreativeOne Wealth LLC grew its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 32.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,257 shares of the software maker's stock after buying an additional 4,709 shares during the period. CreativeOne Wealth LLC's holdings in Fortinet were worth $1,854,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ritholtz Wealth Management increased its stake in shares of Fortinet by 38.4% in the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after buying an additional 1,885 shares during the period. Gould Capital LLC acquired a new stake in shares of Fortinet in the first quarter valued at about $908,000. Dynamic Advisor Solutions LLC acquired a new stake in shares of Fortinet in the first quarter valued at about $216,000. Wealth Enhancement Advisory Services LLC increased its stake 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 buying an additional 38,080 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Fortinet by 14.9% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock valued at $11,763,000 after buying an additional 16,139 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Activity

In other news, CEO Ken Xie sold 158,486 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the firm'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 value of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company's stock.

Fortinet Stock Up 1.5%

Shares of NASDAQ:FTNT opened at $79.29 on Friday. The business's 50 day simple moving average is $95.11 and its two-hundred day simple moving average is $99.37. The firm has a market cap of $60.76 billion, a P/E ratio of 31.59, a PEG ratio of 2.96 and a beta of 1.07. 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, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. The business had revenue of $1.63 billion for 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 quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 earnings per share. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FTNT shares. Wells Fargo & Company decreased their price target 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. Truist Financial decreased their target price on Fortinet from $125.00 to $95.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. DZ Bank raised Fortinet from a "hold" rating to a "buy" rating and set a $85.00 target price for the company in a research note on Friday, August 8th. UBS Group decreased their target price on Fortinet from $105.00 to $90.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Finally, KeyCorp cut Fortinet from an "overweight" rating to a "sector weight" rating in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $97.40.

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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