Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by MGB Wealth Management LLC

Key Points

• MGB Wealth Management LLC increased its stake in Fortinet, Inc. by 128.2% in Q1, holding 5,340 shares valued at $514,000 as of the latest SEC filing.
• Fortinet's recent quarterly earnings report showed $1.54 billion in revenue, meeting analyst estimates, and an EPS of $0.58, exceeding expectations.
• About 83.71% of Fortinet's stock is owned by institutional investors, indicating strong institutional interest in the company's performance.

MGB Wealth Management LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 128.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,340 shares of the software maker's stock after purchasing an additional 3,000 shares during the period. MGB Wealth Management LLC's holdings in Fortinet were worth $514,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Eagle Capital Management LLC grew its position in Fortinet by 1.6% during the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after buying an additional 404 shares during the period. Brighton Jones LLC grew its position in shares of Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after purchasing an additional 221 shares during the last quarter. World Investment Advisors acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $294,000. Envestnet Asset Management Inc. grew its position in shares of Fortinet by 9.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 646,736 shares of the software maker's stock valued at $61,104,000 after purchasing an additional 57,422 shares during the last quarter. Finally, Waterloo Capital L.P. acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $253,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on FTNT. Royal Bank Of Canada lowered their price target on shares of Fortinet from $110.00 to $95.00 and set a "sector perform" rating on the stock in a research report on Thursday. Mizuho lowered their price target on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a research report on Thursday. Evercore ISI decreased their target price on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating on the stock in a research report on Friday. TD Cowen restated a "hold" rating and set a $105.00 target price on shares of Fortinet in a research report on Thursday. Finally, Roth Capital set a $103.00 target price on shares of Fortinet and gave the stock a "neutral" rating in a research report on Tuesday, April 22nd. Two analysts have rated the stock with a sell rating, twenty-four have given a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $97.93.

Fortinet Stock Down 1.2%

Shares of NASDAQ:FTNT traded down $0.91 during midday trading on Friday, hitting $74.39. 17,001,530 shares of the company's stock traded hands, compared to its average volume of 6,194,551. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.29 and a current ratio of 1.33. The company has a market cap of $56.94 billion, a PE ratio of 29.64, a P/E/G ratio of 2.59 and a beta of 1.07. The firm's fifty day moving average price is $101.76 and its two-hundred day moving average price is $101.60. Fortinet, Inc. has a twelve month low of $67.97 and a twelve month high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share 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 business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business posted $0.57 EPS. The business's quarterly revenue was up 13.6% on a year-over-year basis. On average, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 476,596 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction 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. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

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.