Focus Partners Advisor Solutions LLC Grows Position in Fortinet, Inc. $FTNT

Focus Partners Advisor Solutions LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 69.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,662 shares of the software maker's stock after purchasing an additional 12,516 shares during the period. Focus Partners Advisor Solutions LLC's holdings in Fortinet were worth $2,952,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. SJS Investment Consulting Inc. boosted its stake in shares of Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after purchasing an additional 225 shares during the period. Saudi Central Bank purchased a new position in shares of Fortinet during the 1st quarter worth about $25,000. Clearstead Trust LLC purchased a new position in shares of Fortinet during the 1st quarter worth about $28,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of 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 worth $29,000 after purchasing an additional 284 shares during the period. Finally, ORG Partners LLC lifted 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 buying an additional 112 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

NASDAQ FTNT opened at $78.77 on Tuesday. 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's 50 day moving average price is $94.20 and its 200-day moving average price is $98.80. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The company has a market cap of $60.36 billion, a PE ratio of 31.38, a P/E/G ratio of 2.98 and a beta of 1.13.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the firm earned $0.57 earnings per share. The company's quarterly revenue was up 13.6% on a year-over-year basis. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Robert W. Baird lifted their price objective on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Scotiabank decreased their price objective on shares of Fortinet from $115.00 to $85.00 and set a "sector outperform" rating for the company in a report on Thursday, August 7th. Evercore ISI decreased their price objective on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating for the company in a report on Friday, August 8th. Wolfe Research assumed coverage on shares of Fortinet in a report on Monday, May 12th. They set a "peer perform" rating for the company. Finally, Wall Street Zen lowered shares of Fortinet from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Fortinet presently has a consensus rating of "Hold" and a consensus price target of $97.40.

Insider Activity

In other news, Director William H. Neukom acquired 335 shares of Fortinet stock in a transaction that occurred on Friday, June 6th. The stock was purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director directly owned 301,471 shares in the company, valued at $31,419,307.62. The trade was a 0.11% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 158,486 shares of the business'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 transaction of $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares of the company's stock, valued at approximately $5,061,072,243.92. This trade represents 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.

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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