Focus Partners Advisor Solutions LLC Boosts Stake in Fortinet, Inc. $FTNT

Key Points

• Focus Partners Advisor Solutions LLC has increased its stake in Fortinet, Inc. by 17.5% during the second quarter, now holding 36,013 shares valued at approximately $3.8 million.
• Several institutional investors have also modified their positions in Fortinet, with hedge funds collectively owning 83.71% of the company's stock.
• Fortinet's latest quarterly earnings report showed an EPS of $0.64, exceeding expectations, alongside a 30.6% net margin and 13.6% year-over-year revenue growth.

Focus Partners Advisor Solutions LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 17.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 36,013 shares of the software maker's stock after buying an additional 5,351 shares during the quarter. Focus Partners Advisor Solutions LLC's holdings in Fortinet were worth $3,806,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Keeler Thomas Management LLC acquired a new stake in shares of Fortinet in the second quarter valued at approximately $1,317,000. Leelyn Smith LLC boosted its stake in Fortinet by 0.9% during the 2nd quarter. Leelyn Smith LLC now owns 15,824 shares of the software maker's stock worth $1,673,000 after purchasing an additional 147 shares during the period. CNB Bank grew its position in Fortinet by 225.0% during the 2nd quarter. CNB Bank now owns 663 shares of the software maker's stock worth $70,000 after purchasing an additional 459 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Fortinet by 3.6% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,766,816 shares of the software maker's stock valued at $186,788,000 after purchasing an additional 61,616 shares during the period. Finally, Moloney Securities Asset Management LLC raised its holdings in shares of Fortinet by 130.7% in the second quarter. Moloney Securities Asset Management LLC now owns 9,171 shares of the software maker's stock valued at $970,000 after buying an additional 5,196 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 476,596 shares of the company'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 $46,935,174.08. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 158,486 shares of Fortinet 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 approximately $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

Fortinet Trading Up 0.7%

NASDAQ:FTNT opened at $85.56 on Friday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 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 stock has a fifty day moving average price of $81.97 and a two-hundred day moving average price of $93.97. The stock has a market capitalization of $65.56 billion, a price-to-earnings ratio of 34.09, a PEG ratio of 3.22 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.63 billion. During the same period in the prior year, the company posted $0.57 EPS. The business's revenue for the quarter was up 13.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several recent research reports. Wall Street Zen cut Fortinet from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Cowen cut Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 7th. Truist Financial decreased their price target on Fortinet from $125.00 to $95.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Morgan Stanley reissued an "underweight" rating and issued a $67.00 price objective (down from $78.00) on shares of Fortinet in a research note on Tuesday, September 2nd. Finally, Mizuho reduced their target price on shares of Fortinet from $87.00 to $75.00 and set an "underperform" 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 issued a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $97.03.

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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