Fortinet, Inc. $FTNT Shares Purchased by Warther Private Wealth LLC

Key Points

• Warther Private Wealth LLC has increased its stake in Fortinet, Inc. by 39.7% during the second quarter, now owning 182,160 shares valued at approximately $19.26 million.
• Fortinet reported $0.64 EPS for its last quarter, surpassing analysts' estimates of $0.59, with a revenue of $1.63 billion reflecting a 13.6% year-over-year growth.
• Insider transactions included CEO Ken Xie selling 158,486 shares at an average price of $98.48, reducing his ownership by 0.31%.

Warther Private Wealth LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 39.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 182,160 shares of the software maker's stock after purchasing an additional 51,750 shares during the quarter. Fortinet comprises about 5.0% of Warther Private Wealth LLC's investment portfolio, making the stock its 11th biggest position. Warther Private Wealth LLC's holdings in Fortinet were worth $19,258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Cooper Financial Group purchased a new position in Fortinet in the second quarter valued at about $2,653,000. Mainstay Capital Management LLC ADV raised its position in Fortinet by 105.8% in the second quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker's stock valued at $1,778,000 after purchasing an additional 8,643 shares during the period. Geneos Wealth Management Inc. raised its position in Fortinet by 40.7% in the first quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker's stock valued at $7,045,000 after purchasing an additional 21,177 shares during the period. 1834 Investment Advisors Co. raised its position in Fortinet by 2.9% in the second quarter. 1834 Investment Advisors Co. now owns 12,332 shares of the software maker's stock valued at $1,304,000 after purchasing an additional 353 shares during the period. Finally, Castle Rock Wealth Management LLC raised its position in Fortinet by 85.8% in the second quarter. Castle Rock Wealth Management LLC now owns 16,926 shares of the software maker's stock valued at $1,807,000 after purchasing an additional 7,818 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Down 0.1%

NASDAQ:FTNT opened at $84.66 on Thursday. The company has a market capitalization of $64.87 billion, a price-to-earnings ratio of 33.73, a price-to-earnings-growth ratio of 3.19 and a beta of 1.09. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The stock has a 50-day simple moving average of $81.69 and a 200 day simple moving average of $93.97. 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 (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. The business 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 for the quarter was up 13.6% compared to the same quarter last year. During the same period last year, the firm earned $0.57 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. UBS Group cut their price objective on Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Morgan Stanley reaffirmed an "underweight" rating and set a $67.00 target price (down from $78.00) on shares of Fortinet in a research report on Tuesday, September 2nd. Scotiabank dropped their target price on Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a research report on Thursday, August 7th. Citigroup lowered Fortinet from a "neutral" rating to a "mixed" rating in a research report on Monday. Finally, Wedbush dropped their target price on Fortinet from $120.00 to $100.00 and set an "outperform" rating on the stock in a research report 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 assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $97.03.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,486 shares of Fortinet 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 $15,607,701.28. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The shares were 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

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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