Lifestyle Asset Management Inc. Raises Holdings in Fortinet, Inc. $FTNT

Key Points

• Lifestyle Asset Management Inc. significantly increased its holdings in Fortinet, Inc. by 306.2% during Q2, owning 16,049 shares worth approximately $1.7 million.
• Despite recent developments, multiple analysts have downgraded Fortinet's ratings, with price targets lowered from $120 to as low as $85.
• CEO Ken Xie sold a substantial amount of shares, totaling around $15.6 million, indicating a 0.31% decrease in his ownership stake.

Lifestyle Asset Management Inc. increased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 306.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,049 shares of the software maker's stock after buying an additional 12,098 shares during the quarter. Fortinet comprises about 0.8% of Lifestyle Asset Management Inc.'s investment portfolio, making the stock its 25th biggest position. Lifestyle Asset Management Inc.'s holdings in Fortinet were worth $1,697,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Dover Advisors LLC lifted its holdings in Fortinet by 1.0% in the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker's stock worth $999,000 after acquiring an additional 94 shares during the last quarter. Peloton Wealth Strategists lifted its holdings in Fortinet by 2.4% in the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker's stock worth $417,000 after acquiring an additional 100 shares during the last quarter. Hemington Wealth Management lifted its holdings in Fortinet by 16.6% in the first quarter. Hemington Wealth Management now owns 752 shares of the software maker's stock worth $72,000 after acquiring an additional 107 shares during the last quarter. Citizens Financial Group Inc. RI lifted its holdings in Fortinet by 0.9% in the first quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker's stock worth $1,187,000 after acquiring an additional 107 shares during the last quarter. Finally, SageView Advisory Group LLC raised its holdings in shares of Fortinet by 3.5% during the first quarter. SageView Advisory Group LLC now owns 3,166 shares of the software maker's stock valued at $305,000 after buying an additional 108 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on FTNT shares. Wedbush cut their price target on Fortinet from $120.00 to $100.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. KeyCorp cut Fortinet from an "overweight" rating to a "sector weight" rating in a report on Thursday, August 7th. Scotiabank cut their price target on Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 7th. Cowen cut Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 7th. Finally, UBS Group cut their price target on Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of "Hold" and a consensus price target of $97.03.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 shares of Fortinet 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 $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 476,596 shares of Fortinet 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 $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

Fortinet Price Performance

NASDAQ FTNT opened at $81.00 on Tuesday. 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 firm has a market capitalization of $62.07 billion, a PE ratio of 32.27, a P/E/G ratio of 3.01 and a beta of 1.12. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The company's 50 day simple moving average is $89.15 and its 200 day simple moving average is $96.59.

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, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm's quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.57 earnings per share. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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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