S Bank Fund Management Ltd Makes New $523,000 Investment in Fortinet, Inc. $FTNT

Key Points

• S Bank Fund Management Ltd has invested approximately $523,000 in Fortinet, Inc., acquiring 4,943 shares of the cybersecurity firm's stock during the second quarter.
• Fortinet reported a 13.6% year-over-year increase in quarterly revenue, totaling $1.63 billion, and earnings per share of $0.64, exceeding analyst expectations.
• Analyst price targets for Fortinet shares have decreased, with Citigroup setting a target of $85.00, down from $110.00, reflecting a cautious outlook on the stock.

S Bank Fund Management Ltd bought a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,943 shares of the software maker's stock, valued at approximately $523,000.

A number of other large investors have also bought and sold shares of the company. Barlow Wealth Partners Inc. increased its position in Fortinet by 0.9% in the second quarter. Barlow Wealth Partners Inc. now owns 178,684 shares of the software maker's stock worth $18,263,000 after buying an additional 1,629 shares during the last quarter. Aware Super Pty Ltd as trustee of Aware Super increased its position in Fortinet by 90.7% in the second quarter. Aware Super Pty Ltd as trustee of Aware Super now owns 782,771 shares of the software maker's stock worth $79,232,000 after buying an additional 372,376 shares during the last quarter. Davidson Investment Advisors increased its position in Fortinet by 1.1% in the second quarter. Davidson Investment Advisors now owns 273,670 shares of the software maker's stock worth $28,932,000 after buying an additional 2,973 shares during the last quarter. Ritholtz Wealth Management increased its position in Fortinet by 9.2% in the second quarter. Ritholtz Wealth Management now owns 7,417 shares of the software maker's stock worth $784,000 after buying an additional 623 shares during the last quarter. Finally, Curated Wealth Partners LLC boosted its holdings in shares of Fortinet by 7.1% in the second quarter. Curated Wealth Partners LLC now owns 8,280 shares of the software maker's stock worth $875,000 after acquiring an additional 549 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Fortinet news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction dated 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 completion of the sale, the vice president owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer directly 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 disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

Fortinet Price Performance

NASDAQ:FTNT opened at $83.14 on Friday. The firm has a market capitalization of $63.71 billion, a price-to-earnings ratio of 33.12, a P/E/G ratio of 3.15 and a beta of 1.09. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The stock has a fifty day moving average of $81.07 and a 200 day moving average of $94.19. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm's quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter last year, the company earned $0.57 earnings per share. On average, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on FTNT shares. Citigroup reaffirmed a "neutral" rating and issued a $85.00 price target (down from $110.00) on shares of Fortinet in a report on Monday, August 18th. Evercore ISI cut their price target on Fortinet from $105.00 to $78.00 and set an "in-line" rating for the company in a report on Friday, August 8th. Stifel Nicolaus cut their price target on Fortinet from $95.00 to $85.00 and set a "hold" rating for the company in a report on Thursday, August 7th. DZ Bank raised 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. Finally, Truist Financial cut their price target on Fortinet from $125.00 to $95.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $97.03.

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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