Fortinet, Inc. $FTNT Shares Acquired by Prime Capital Investment Advisors LLC

Key Points

• Prime Capital Investment Advisors LLC increased its stake in Fortinet by 63.3% during the second quarter, now holding 45,574 shares valued at approximately $4.8 million.
• Institutional investors collectively own 83.71% of Fortinet's stock, indicating strong institutional support for the company.
• Despite recent analyst downgrades, Fortinet reported an EPS of $0.64 in its last earnings announcement, surpassing expectations and showing a 13.6% revenue increase compared to the previous year.

Prime Capital Investment Advisors LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 63.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 45,574 shares of the software maker's stock after buying an additional 17,663 shares during the period. Prime Capital Investment Advisors LLC's holdings in Fortinet were worth $4,818,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Saudi Central Bank purchased a new stake in shares of Fortinet during the first quarter valued at $25,000. SJS Investment Consulting Inc. increased its stake in Fortinet by 703.1% in 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 in the last quarter. Clearstead Trust LLC acquired a new stake in Fortinet during the 1st quarter worth about $28,000. Caitong International Asset Management Co. Ltd lifted its stake in Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after buying an additional 284 shares in the last quarter. Finally, ORG Partners LLC boosted its holdings in shares of Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after buying an additional 112 shares during the period. Institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction 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 represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 476,596 shares of the business's stock in a transaction dated 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 completion of the sale, the vice president directly owned 9,730,560 shares of the company's stock, 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 18.00% of the company's stock.

Fortinet Trading Up 0.7%

NASDAQ:FTNT opened at $86.38 on Tuesday. The company has a market capitalization of $66.19 billion, a P/E ratio of 34.41, a P/E/G ratio of 3.24 and a beta of 1.09. The stock's 50 day moving average price is $82.98 and its 200 day moving average price is $94.95. 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 posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the firm posted $0.57 earnings per share. The company's revenue for the quarter was up 13.6% compared to the same quarter last year. On average, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

FTNT has been the subject of several research analyst reports. Cowen downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a research report on Thursday, August 7th. Wedbush cut their target price on shares of Fortinet from $120.00 to $100.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Erste Group Bank cut Fortinet from a "buy" rating to a "hold" rating in a research report on Thursday, August 14th. JPMorgan Chase & Co. dropped their price target on Fortinet from $105.00 to $87.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Finally, Wall Street Zen downgraded Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $97.03.

Fortinet 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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