Fortinet, Inc. $FTNT Stock Holdings Lifted by Mainstay Capital Management LLC ADV

Key Points

• Mainstay Capital Management LLC ADV raised its position in Fortinet, Inc. by 105.8% during Q2, now holding 16,816 shares valued at $1.78 million.
• Analysts have recently downgraded Fortinet with lower price targets, including RBC cutting it from $110 to $95 and JPMorgan from $105 to $87, reflecting a consensus rating of "Hold".
• Fortinet reported a quarterly earnings per share of $0.64, beating expectations, with revenue up 13.6% year-over-year to $1.63 billion.

Mainstay Capital Management LLC ADV raised its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 105.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,816 shares of the software maker's stock after purchasing an additional 8,643 shares during the quarter. Mainstay Capital Management LLC ADV's holdings in Fortinet were worth $1,778,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Saudi Central Bank purchased a new position in Fortinet in the first quarter valued at about $25,000. Clearstead Trust LLC acquired a new stake in shares of Fortinet in the first quarter worth about $28,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock worth $29,000 after buying an additional 284 shares during the last quarter. ORG Partners LLC lifted its position 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 last quarter. Finally, EQ Wealth Advisors LLC acquired a new stake in shares of Fortinet in the first quarter worth about $35,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Royal Bank Of Canada decreased their target price on Fortinet from $110.00 to $95.00 and set a "sector perform" rating for the company in a research note on Thursday, August 7th. Cowen downgraded Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. cut their price target on Fortinet from $105.00 to $87.00 and set a "neutral" rating for the company in a report on Thursday, August 7th. Barclays cut their price target on Fortinet from $110.00 to $90.00 and set an "equal weight" rating for the company in a report on Thursday, August 7th. Finally, Wedbush cut their price target on Fortinet from $120.00 to $100.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Two 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 issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $97.03.

Fortinet Trading Up 1.8%

FTNT stock opened at $86.46 on Thursday. The business has a fifty day moving average price of $82.28 and a 200 day moving average price of $94.82. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The stock has a market capitalization of $66.25 billion, a price-to-earnings ratio of 34.45, a P/E/G ratio of 3.20 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.63 billion. During the same period last year, the firm posted $0.57 EPS. The business's revenue was up 13.6% on a year-over-year basis. Analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, VP Michael Xie sold 476,596 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 transaction 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 trade represents a 4.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value of $15,607,701.28. Following the completion of the transaction, the chief executive officer 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 disclosure for this sale can be found here. Company insiders own 17.20% 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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