HighTower Advisors LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 275,658 shares of the software maker's stock after buying an additional 11,456 shares during the period. HighTower Advisors LLC's holdings in Fortinet were worth $26,535,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also recently bought and sold shares of the company. Hemington Wealth Management boosted its stake in shares of Fortinet by 16.6% in the 1st quarter. Hemington Wealth Management now owns 752 shares of the software maker's stock valued at $72,000 after buying an additional 107 shares during the period. Citizens Financial Group Inc. RI lifted its stake in Fortinet by 0.9% during the first quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker's stock worth $1,187,000 after purchasing an additional 107 shares during the last quarter. Eagle Capital Management LLC lifted its stake in Fortinet by 0.4% during the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock worth $2,530,000 after purchasing an additional 109 shares during the last quarter. ORG Partners LLC lifted its stake in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after purchasing an additional 112 shares during the last quarter. Finally, Bogart Wealth LLC lifted its stake in Fortinet by 37.3% during the first quarter. Bogart Wealth LLC now owns 412 shares of the software maker's stock worth $40,000 after purchasing an additional 112 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.
Insider Buying and Selling
In other Fortinet news, Director William H. Neukom bought 335 shares of the firm's stock in a transaction dated Friday, June 6th. The stock was acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the transaction, the director directly owned 301,471 shares in the company, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 completion of the sale, the chief executive officer directly 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 17.20% of the company's stock.
Wall Street Analyst Weigh In
Several research firms have commented on FTNT. KeyCorp lowered Fortinet from an "overweight" rating to a "sector weight" rating in a research report on Thursday, August 7th. Morgan Stanley lowered Fortinet from an "overweight" rating to a "reduce" rating and dropped their target price for the company from $110.00 to $78.00 in a report on Thursday, August 7th. Barclays dropped their target price on Fortinet from $110.00 to $90.00 and set an "equal weight" rating on the stock in a report on Thursday, August 7th. JPMorgan Chase & Co. dropped their target price on Fortinet from $105.00 to $87.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Finally, Cowen lowered Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a sell rating, twenty-six have assigned a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of "Hold" and an average target price of $97.93.
Read Our Latest Stock Analysis on Fortinet
Fortinet Stock Performance
Fortinet stock traded up $1.86 during mid-day trading on Friday, hitting $79.11. 10,860,686 shares of the company's stock traded hands, compared to its average volume of 8,724,086. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The company has a market cap of $60.62 billion, a PE ratio of 31.52, a price-to-earnings-growth ratio of 2.93 and a beta of 1.07. The firm has a 50 day moving average price of $99.22 and a 200 day moving average price of $100.90. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.
Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. The business had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%. The company's quarterly revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 EPS. On average, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.
Fortinet Profile
(
Free Report)
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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