Jones Financial Companies Lllp Raises Stake in Fortinet, Inc. $FTNT

Key Points

• Jones Financial Companies Lllp has increased its stake in Fortinet, Inc. by 24.4%, owning approximately 461,523 shares valued at $44.55 million following the acquisition of an additional 90,456 shares.
• Fortinet recently reported a quarterly earnings per share (EPS) of $0.64, exceeding analysts' expectations of $0.59, with a year-over-year revenue increase of 13.6%.
• Analyst sentiments are mixed, with reports indicating that out of 38 analysts, two rated Fortinet as a Strong Buy, while eight rated it as a Buy and 25 assigned a Hold rating, highlighting a consensus target price of $97.03.

Jones Financial Companies Lllp boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 24.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 461,523 shares of the software maker's stock after purchasing an additional 90,456 shares during the quarter. Jones Financial Companies Lllp owned about 0.06% of Fortinet worth $44,552,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in FTNT. Geneos Wealth Management Inc. boosted its position in shares of Fortinet by 40.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker's stock worth $7,045,000 after purchasing an additional 21,177 shares in the last quarter. Ritholtz Wealth Management raised its stake in Fortinet by 38.4% during the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after buying an additional 1,885 shares during the last quarter. Gould Capital LLC bought a new stake in Fortinet in the first quarter worth $908,000. Dynamic Advisor Solutions LLC purchased a new stake in shares of Fortinet in the first quarter worth $216,000. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Fortinet by 40.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock worth $12,650,000 after acquiring an additional 38,080 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Price Performance

NASDAQ FTNT opened at $79.68 on Monday. The business's fifty day moving average price is $89.66 and its 200-day moving average price is $96.78. The stock has a market capitalization of $61.06 billion, a price-to-earnings ratio of 31.75, a PEG ratio of 3.01 and a beta of 1.13. 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, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on FTNT. Erste Group Bank cut shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 14th. TD Cowen reaffirmed a "hold" rating and issued a $105.00 target price on shares of Fortinet in a report on Thursday, August 7th. Wall Street Zen cut shares of Fortinet from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. JPMorgan Chase & Co. reduced their price target on shares of Fortinet from $105.00 to $87.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Finally, Wedbush lowered their price objective 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 assigned a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Fortinet has an average rating of "Hold" and a consensus target price of $97.03.

Insider Activity

In other Fortinet news, VP Michael Xie sold 476,596 shares of the company's stock in a transaction that occurred on Monday, August 4th. The shares were 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 approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction 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. 18.00% of the stock is owned by corporate insiders.

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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