GC Wealth Management RIA LLC Acquires 3,740 Shares of Fortinet, Inc. $FTNT

Key Points

• GC Wealth Management RIA LLC increased its stake in Fortinet, Inc. by 130.1%, acquiring an additional 3,740 shares, bringing its total holdings to 6,615 shares valued at approximately $699,000.
• Insider selling occurred with VP Michael Xie and CEO Ken Xie selling a combined total of over 635,000 shares, representing decreases of 4.67% and 0.31% in their respective positions.
• Fortinet's stock has faced recent downgrades from various analysts, with price targets being reduced to between $85 and $95, while maintaining a consensus hold rating among investment analysts.

GC Wealth Management RIA LLC boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 130.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,615 shares of the software maker's stock after buying an additional 3,740 shares during the quarter. GC Wealth Management RIA LLC's holdings in Fortinet were worth $699,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Dover Advisors LLC raised its holdings in Fortinet by 1.0% in the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker's stock valued at $999,000 after buying an additional 94 shares during the last quarter. Peloton Wealth Strategists raised its holdings in Fortinet by 2.4% during the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker's stock worth $417,000 after purchasing an additional 100 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in Fortinet by 0.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 17,841 shares of the software maker's stock worth $1,886,000 after purchasing an additional 102 shares during the last quarter. Hemington Wealth Management raised its holdings in Fortinet by 16.6% during the 1st quarter. Hemington Wealth Management now owns 752 shares of the software maker's stock worth $72,000 after purchasing an additional 107 shares during the last quarter. Finally, Citizens Financial Group Inc. RI raised its holdings in Fortinet by 0.9% during the 1st 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. Institutional investors own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction 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 sale, the vice president owned 9,730,560 shares of the company's stock, valued at approximately $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 can be accessed through the SEC website. Also, CEO Ken Xie sold 158,486 shares of Fortinet 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 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. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.00% of the company's stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $84.08 on Wednesday. The firm has a 50 day moving average of $84.50 and a 200-day moving average of $95.30. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The company has a market cap of $64.43 billion, a price-to-earnings ratio of 33.50, a price-to-earnings-growth ratio of 3.19 and a beta of 1.12.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the firm posted $0.57 EPS. Fortinet's revenue was up 13.6% compared to the same quarter last year. On average, equities analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FTNT. Cowen lowered shares of Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 7th. BMO Capital Markets lowered their price target on shares of Fortinet from $110.00 to $90.00 and set a "market perform" rating for the company in a report on Thursday, August 7th. Wells Fargo & Company lowered their price target on shares of Fortinet from $110.00 to $85.00 and set an "equal weight" rating for the company in a report on Thursday, August 7th. Royal Bank Of Canada lowered their price target on shares of Fortinet from $110.00 to $95.00 and set a "sector perform" rating for the company in a report on Thursday, August 7th. Finally, Barclays lowered their price target on shares of Fortinet from $110.00 to $90.00 and set an "equal weight" rating for the company in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price 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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