JSF Financial LLC Purchases Shares of 9,488 Fortinet, Inc. $FTNT

Key Points

• JSF Financial LLC has acquired 9,488 shares of Fortinet, Inc. valued at approximately $1,003,000 during the second quarter.
• CEO Ken Xie sold 158,486 shares of Fortinet stock for over $15.6 million, representing a 0.31% decrease in his ownership stake.
• Fortinet reported a quarterly earnings per share of $0.64, surpassing analysts' expectations, alongside a net margin of 30.60% and a revenue increase of 13.6% year-over-year.

JSF Financial LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 9,488 shares of the software maker's stock, valued at approximately $1,003,000.

A number of other institutional investors have also added to or reduced their stakes in FTNT. Brighton Jones LLC increased its stake in Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock worth $976,000 after acquiring an additional 221 shares during the last quarter. Bison Wealth LLC purchased a new position in shares of Fortinet during the fourth quarter worth about $585,000. NBC Securities Inc. lifted its position in Fortinet by 99,075.0% during the first quarter. NBC Securities Inc. now owns 3,967 shares of the software maker's stock valued at $381,000 after purchasing an additional 3,963 shares during the last quarter. Procyon Advisors LLC bought a new stake in Fortinet during the first quarter valued at approximately $1,273,000. Finally, City State Bank lifted its position in Fortinet by 35.9% during the first quarter. City State Bank now owns 681 shares of the software maker's stock valued at $66,000 after purchasing an additional 180 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Ken Xie sold 158,486 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 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 disclosure for this sale can be found here. Company insiders own 17.20% of the company's stock.

Fortinet Stock Down 0.6%

Shares of NASDAQ FTNT opened at $85.79 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The firm has a market capitalization of $65.74 billion, a PE ratio of 34.18, a price-to-earnings-growth ratio of 3.24 and a beta of 1.09. The firm has a fifty day simple moving average of $83.35 and a two-hundred day simple moving average of $95.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced 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 company had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.63 billion. During the same quarter in the previous year, the company earned $0.57 earnings per share. Fortinet's quarterly revenue was up 13.6% on a year-over-year basis. Equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Rosenblatt Securities restated a "neutral" rating and set a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. BMO Capital Markets reduced their target price on Fortinet from $110.00 to $90.00 and set a "market perform" rating on the stock in a research note on Thursday, August 7th. Cantor Fitzgerald upped their price objective on Fortinet from $100.00 to $110.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Scotiabank cut their price objective on Fortinet from $115.00 to $85.00 and set a "sector outperform" rating for the company in a report on Thursday, August 7th. Finally, Mizuho dropped their target price on Fortinet from $87.00 to $75.00 and set an "underperform" rating for the company in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target 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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