Financial Partners Group LLC Acquires 4,085 Shares of Fortinet, Inc. $FTNT

Key Points

• Financial Partners Group LLC acquired 4,085 additional shares of Fortinet, increasing its holdings by 27.9%, bringing its total to 18,706 shares valued at approximately $1,978,000.
• In recent insider trading, VP Michael Xie sold 476,596 shares, while CEO Ken Xie sold 158,486 shares, indicating a slight reduction in their stock positions.
• Fortinet reported $1.63 billion in revenue for the last quarter, reflecting a 13.6% year-over-year increase, and beat earnings estimates with $0.64 earnings per share.

Financial Partners Group LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 27.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,706 shares of the software maker's stock after purchasing an additional 4,085 shares during the period. Financial Partners Group LLC's holdings in Fortinet were worth $1,978,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Geneos Wealth Management Inc. raised its position in Fortinet by 40.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker's stock valued at $7,045,000 after buying an additional 21,177 shares during the last quarter. Ritholtz Wealth Management increased its position in shares of Fortinet by 38.4% during the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock worth $654,000 after purchasing an additional 1,885 shares during the last quarter. 1834 Investment Advisors Co. increased its position in shares of Fortinet by 2.9% during the 2nd quarter. 1834 Investment Advisors Co. now owns 12,332 shares of the software maker's stock worth $1,304,000 after purchasing an additional 353 shares during the last quarter. Gould Capital LLC acquired a new position in shares of Fortinet during the 1st quarter worth approximately $908,000. Finally, Dynamic Advisor Solutions LLC acquired a new position in shares of Fortinet during the 1st quarter worth approximately $216,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Insiders Place Their Bets

In other news, VP Michael Xie sold 476,596 shares of the business'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 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction 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 directly owned 51,391,879 shares of the company's stock, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

Fortinet Stock Performance

NASDAQ:FTNT opened at $84.32 on Friday. The stock has a fifty day moving average price of $85.36 and a 200-day moving average price of $95.44. The company has a market cap of $64.61 billion, a price-to-earnings ratio of 33.59, a PEG ratio of 3.18 and a beta of 1.12. 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 fifty-two week low of $70.12 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 EPS. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the topic of several recent analyst reports. KeyCorp lowered Fortinet from an "overweight" rating to a "sector weight" rating in a research report on Thursday, August 7th. Citigroup reaffirmed a "neutral" rating and set a $85.00 price target (down previously from $110.00) on shares of Fortinet in a research report on Monday, August 18th. Wedbush lowered their price target on Fortinet from $120.00 to $100.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Wells Fargo & Company reduced their target price 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. Finally, Erste Group Bank downgraded Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently 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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