Integrity Alliance LLC. Takes Position in Fortinet, Inc. $FTNT

Key Points

• Integrity Alliance LLC has made a new investment in Fortinet, Inc. by acquiring 3,598 shares valued at approximately $346,000 during the first quarter of the year.
• Several large investors have increased their holdings in Fortinet, with Wealth Enhancement Advisory Services LLC now owning 131,411 shares worth $12,650,000, representing a significant growth in investments.
• Recent analyst reports have lowered price objectives on Fortinet with Citigroup setting a new target of $85.00, down from $110.00, while the average target price across analysts is $97.03.

Integrity Alliance LLC. bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 3,598 shares of the software maker's stock, valued at approximately $346,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Saudi Central Bank purchased a new stake in shares of Fortinet in the 1st quarter valued at about $25,000. SJS Investment Consulting Inc. lifted its holdings in shares of Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares during the last quarter. Clearstead Trust LLC purchased a new stake in shares of Fortinet in the 1st quarter valued at about $28,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after purchasing an additional 284 shares during the last quarter. Finally, ORG Partners LLC lifted its position in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

NASDAQ:FTNT traded down $1.22 during trading hours on Tuesday, reaching $79.78. 5,583,656 shares of the company traded hands, compared to its average volume of 5,626,061. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The firm's 50-day moving average is $89.15 and its 200-day moving average is $96.59. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The stock has a market cap of $61.13 billion, a P/E ratio of 31.78, a P/E/G ratio of 3.01 and a beta of 1.12.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business's revenue was up 13.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 earnings per share. Equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Ken Xie sold 158,486 shares of the 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 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction 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 $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of recent research reports. DZ Bank raised Fortinet from a "hold" rating to a "buy" rating and set a $85.00 price objective for the company in a research report on Friday, August 8th. Rosenblatt Securities reaffirmed a "neutral" rating and set a $85.00 price objective (down from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. Scotiabank decreased their price objective 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. Barclays cut their target price on Fortinet from $110.00 to $90.00 and set an "equal weight" rating for the company in a research note on Thursday, August 7th. Finally, Morgan Stanley reissued an "underweight" rating and set a $67.00 target price (down from $78.00) on shares of Fortinet in a research note on Tuesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Fortinet presently has an average rating of "Hold" and an average price target of $97.03.

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.