Fortinet, Inc. $FTNT Shares Acquired by Roundview Capital LLC

Key Points

• Roundview Capital LLC increased its holdings in Fortinet, Inc. by 9.3%, owning 40,370 shares worth approximately $4.27 million, as reported in their recent SEC filing.
• Several hedge funds have also adjusted their positions in Fortinet, with institutional investors now owning 83.71% of the company's stock.
• Analysts have reduced their target prices for Fortinet, with Stifel Nicolaus and JPMorgan Chase & Co. lowering theirs to $85.00 and $87.00, respectively, implying a shift in their outlook on the stock.

Roundview Capital LLC raised its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 9.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,370 shares of the software maker's stock after acquiring an additional 3,425 shares during the quarter. Roundview Capital LLC's holdings in Fortinet were worth $4,268,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in FTNT. Brighton Jones LLC raised its holdings in shares of Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after acquiring an additional 221 shares during the last quarter. Bison Wealth LLC acquired a new position in shares of Fortinet during the fourth quarter valued at approximately $585,000. Gateway Investment Advisers LLC raised its holdings in shares of Fortinet by 10.3% during the first quarter. Gateway Investment Advisers LLC now owns 23,903 shares of the software maker's stock valued at $2,301,000 after acquiring an additional 2,227 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Fortinet by 72.8% during the first quarter. UMB Bank n.a. now owns 77,854 shares of the software maker's stock valued at $7,494,000 after acquiring an additional 32,795 shares during the last quarter. Finally, Wedmont Private Capital raised its holdings in shares of Fortinet by 11.1% during the first quarter. Wedmont Private Capital now owns 6,451 shares of the software maker's stock valued at $630,000 after acquiring an additional 642 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 476,596 shares of the 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 completion of the transaction, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 158,486 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 value 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 represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on FTNT shares. Stifel Nicolaus reduced their target price on Fortinet from $95.00 to $85.00 and set a "hold" rating for the company in a report on Thursday, August 7th. JPMorgan Chase & Co. dropped their price target on Fortinet from $105.00 to $87.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Royal Bank Of Canada dropped their price target on Fortinet from $110.00 to $95.00 and set a "sector perform" rating for the company in a research report on Thursday, August 7th. Citigroup restated a "neutral" rating and issued a $85.00 price target (down from $110.00) on shares of Fortinet in a research report on Monday, August 18th. Finally, Scotiabank dropped their price target on Fortinet from $115.00 to $85.00 and set a "sector outperform" rating for the company in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $97.03.

Fortinet Trading Up 0.7%

Shares of Fortinet stock opened at $86.38 on Tuesday. The firm has a market capitalization of $66.19 billion, a price-to-earnings ratio of 34.41, a PEG ratio of 3.24 and a beta of 1.09. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week 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 50 day moving average of $82.98 and a 200 day moving average of $94.95.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. The company had revenue of $1.63 billion during 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%.The firm's revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.57 earnings per share. As a group, research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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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