Kingsman Wealth Management Inc. Acquires New Position in Fortinet, Inc. (NASDAQ:FTNT)

Kingsman Wealth Management Inc. bought a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 15,450 shares of the software maker's stock, valued at approximately $1,487,000. Fortinet comprises approximately 1.1% of Kingsman Wealth Management Inc.'s portfolio, making the stock its 20th largest holding.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. OneAscent Wealth Management LLC increased its position in Fortinet by 9.9% in the 1st quarter. OneAscent Wealth Management LLC now owns 4,348 shares of the software maker's stock valued at $419,000 after acquiring an additional 392 shares in the last quarter. Lindbrook Capital LLC lifted its stake in shares of Fortinet by 48.7% during the first quarter. Lindbrook Capital LLC now owns 3,347 shares of the software maker's stock valued at $322,000 after acquiring an additional 1,096 shares during the period. Teachers Retirement System of The State of Kentucky raised its holdings in Fortinet by 4.8% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 49,166 shares of the software maker's stock worth $4,733,000 after purchasing an additional 2,245 shares during the last quarter. J.W. Cole Advisors Inc. grew its position in shares of Fortinet by 34.6% during the 1st quarter. J.W. Cole Advisors Inc. now owns 14,581 shares of the software maker's stock worth $1,404,000 after buying an additional 3,751 shares during the period. Finally, Montag A & Associates Inc. boosted its stake in Fortinet by 15.6% in the first quarter. Montag A & Associates Inc. now owns 2,907 shares of the software maker's stock valued at $280,000 after acquiring an additional 392 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 158,488 shares of the stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at $5,452,678,361.90. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William H. Neukom bought 335 shares of the business's stock in a transaction dated Friday, June 6th. The shares were bought 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 owned 301,471 shares in the company, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Insiders own 17.20% of the company's stock.

Fortinet Stock Performance

FTNT traded up $3.06 during trading hours on Thursday, reaching $105.27. The company's stock had a trading volume of 2,864,114 shares, compared to its average volume of 4,857,707. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The company's 50-day moving average is $103.16 and its 200-day moving average is $100.63. Fortinet, Inc. has a 52 week low of $54.57 and a 52 week high of $114.82. The firm has a market cap of $80.57 billion, a PE ratio of 43.32, a price-to-earnings-growth ratio of 3.52 and a beta of 1.06.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating analysts' consensus estimates of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the business earned $0.43 EPS. Fortinet's quarterly revenue was up 13.8% on a year-over-year basis. On average, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently commented on FTNT. Cantor Fitzgerald dropped their price objective on Fortinet from $115.00 to $100.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. Stephens started coverage on shares of Fortinet in a report on Tuesday, April 1st. They issued an "equal weight" rating and a $108.00 target price on the stock. Royal Bank Of Canada dropped their price objective on Fortinet from $110.00 to $105.00 and set a "sector perform" rating on the stock in a research note on Thursday, May 8th. Wolfe Research started coverage on Fortinet in a research report on Monday, May 12th. They issued a "peer perform" rating for the company. Finally, Wall Street Zen lowered shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, June 28th. One analyst has rated the stock with a sell rating, twenty-one have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Fortinet has a consensus rating of "Hold" and a consensus price target of $105.62.

Fortinet Company 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.