OneAscent Investment Solutions LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,737 shares of the software maker's stock, valued at approximately $360,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ritholtz Wealth Management lifted its stake in shares of Fortinet by 38.4% in the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after acquiring an additional 1,885 shares during the last quarter. Dynamic Advisor Solutions LLC acquired a new stake in Fortinet during the 1st quarter worth about $216,000. Wealth Enhancement Advisory Services LLC grew its holdings in Fortinet by 40.8% during the 1st 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 period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Fortinet by 14.9% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock worth $11,763,000 after acquiring an additional 16,139 shares during the period. Finally, GAMMA Investing LLC grew its holdings in Fortinet by 18.9% during the 1st quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock worth $1,928,000 after acquiring an additional 3,189 shares during the period. 83.71% of the stock is currently owned by institutional investors.
Insider Transactions at Fortinet
In other news, VP Michael Xie sold 476,596 shares of the stock in a transaction dated 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 in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom bought 335 shares of the company's stock in a transaction dated Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, the director owned 301,471 shares of the company's stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. 17.20% of the stock is currently owned by company insiders.
Analyst Ratings Changes
Several brokerages have recently commented on FTNT. Rosenblatt Securities restated a "neutral" rating and issued a $85.00 target price (down from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Morgan Stanley cut shares of Fortinet from an "overweight" rating to a "reduce" rating and dropped their price target for the company from $110.00 to $78.00 in a research report on Thursday, August 7th. Scotiabank dropped 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. JPMorgan Chase & Co. dropped their price target on Fortinet from $105.00 to $87.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Finally, KeyCorp downgraded Fortinet from an "overweight" rating to a "sector weight" rating in a research note on Thursday, August 7th. Two research analysts have rated the stock with a sell rating, twenty-six have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Fortinet has an average rating of "Hold" and a consensus target price of $97.93.
Get Our Latest Research Report on Fortinet
Fortinet Price Performance
NASDAQ:FTNT traded up $1.86 during midday trading on Friday, hitting $79.11. The company had a trading volume of 10,860,686 shares, compared to its average volume of 8,724,086. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The stock's fifty day moving average price is $99.22 and its 200-day moving average price is $100.90. The company has a market capitalization of $60.62 billion, a PE ratio of 31.52, a P/E/G ratio of 2.93 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.
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, 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 during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the business posted $0.57 earnings per share. The company's revenue was up 13.6% on a year-over-year basis. As a group, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.
Fortinet Profile
(
Free Report)
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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