Roberts Capital Advisors LLC Invests $563,000 in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Roberts Capital Advisors LLC has invested approximately $563,000 in Fortinet, Inc., acquiring 5,852 shares during the first quarter.
• Fortinet's recent quarterly earnings reported $0.64 EPS, exceeding estimates, with a net margin of 30.60% and a 13.6% year-over-year revenue increase.
• Despite the investment interest, several analysts downgraded Fortinet's ratings, lowering price targets, with a consensus price target now at $97.93.

Roberts Capital Advisors LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,852 shares of the software maker's stock, valued at approximately $563,000.

Several other large investors also recently made changes to their positions in FTNT. SJS Investment Consulting Inc. grew its holdings in Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares in the last quarter. Clearstead Trust LLC acquired a new stake in Fortinet during the 1st quarter valued at $28,000. Caitong International Asset Management Co. Ltd grew its holdings in Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after purchasing an additional 284 shares in the last quarter. ORG Partners LLC grew its holdings in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after purchasing an additional 112 shares in the last quarter. Finally, EQ Wealth Advisors LLC acquired a new stake in Fortinet during the 1st quarter valued at $35,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. KeyCorp lowered shares of Fortinet from an "overweight" rating to a "sector weight" rating in a report on Thursday, August 7th. Evercore ISI lowered their price target on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating for the company in a report on Friday, August 8th. DZ Bank raised shares of Fortinet from a "hold" rating to a "buy" rating and set a $85.00 price target for the company in a report on Friday, August 8th. Robert W. Baird increased their price objective on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Finally, BMO Capital Markets reduced their price objective on shares of Fortinet from $110.00 to $90.00 and set a "market perform" rating on the stock in a research note on Thursday, August 7th. Two research analysts have rated the stock with a sell rating, twenty-six have given a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $97.93.

Fortinet Trading Up 2.4%

Shares of NASDAQ:FTNT opened at $79.11 on Friday. The company has a market cap 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's 50-day moving average price is $99.22 and its 200 day moving average price is $100.90. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. 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 issued its quarterly earnings data 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. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. Fortinet's quarterly revenue was up 13.6% compared to the same quarter last year. During the same period last year, the firm posted $0.57 EPS. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the firm's stock in a transaction dated 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 owned 51,391,879 shares of the company's stock, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom bought 335 shares of the stock in a transaction on Friday, June 6th. The shares were bought at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director owned 301,471 shares in the company, 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 owned by corporate insiders.

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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