Evergreen Private Wealth LLC Increases Stock Holdings in Fortinet, Inc. $FTNT

Key Points

• Evergreen Private Wealth LLC increased its stake in Fortinet, Inc., lifting ownership by 18.2% in the second quarter, totaling 24,706 shares valued at $2.61 million.
• Fortinet reported a quarterly EPS of $0.64, which exceeded expectations, with a revenue of $1.63 billion, marking a year-over-year increase of 13.6%.
• Insiders at Fortinet, including VP Michael Xie and CEO Ken Xie, sold significant amounts of stock in early August, indicating a decrease in their ownership percentages by 4.67% and 0.31%, respectively.

Evergreen Private Wealth LLC lifted its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 18.2% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 24,706 shares of the software maker's stock after purchasing an additional 3,799 shares during the quarter. Evergreen Private Wealth LLC's holdings in Fortinet were worth $2,612,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Saudi Central Bank purchased a new position in shares of Fortinet in the 1st quarter worth approximately $25,000. SJS Investment Consulting Inc. boosted its holdings in Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after acquiring an additional 225 shares during the period. Clearstead Trust LLC purchased a new position in Fortinet during the 1st quarter valued at $28,000. Caitong International Asset Management Co. Ltd boosted its holdings in Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after acquiring an additional 284 shares during the period. Finally, ORG Partners LLC boosted its holdings in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after acquiring an additional 112 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Stock Down 0.5%

Shares of FTNT stock opened at $83.21 on Friday. 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 50 day moving average of $85.78 and a 200 day moving average of $95.56. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The stock has a market cap of $63.76 billion, a P/E ratio of 33.15, a P/E/G ratio of 3.16 and a beta of 1.12.

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 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%.Fortinet's quarterly revenue was up 13.6% compared to the same quarter last year. During the same period last year, the company earned $0.57 earnings per share. As a group, sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Erste Group Bank cut Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 14th. UBS Group lowered their target price on Fortinet from $105.00 to $90.00 and set a "neutral" rating for the company in a report on Thursday, August 7th. 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 report on Thursday, August 7th. DZ Bank upgraded Fortinet from a "hold" rating to a "buy" rating and set a $85.00 target price for the company in a report on Friday, August 8th. Finally, Wall Street Zen lowered Fortinet from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $97.03.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the firm's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the sale, the vice president owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at $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. 17.20% of the stock is owned by company insiders.

Fortinet Company 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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