Sax Wealth Advisors LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,079 shares of the software maker's stock, valued at approximately $643,000.
Other institutional investors have also recently modified their holdings of the company. Saudi Central Bank purchased a new stake in shares of Fortinet during the first quarter valued at $25,000. Clearstead Trust LLC purchased a new stake in shares of Fortinet during the first quarter valued at $28,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after buying an additional 284 shares during the last quarter. ORG Partners LLC boosted its position in shares of Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the last quarter. Finally, EQ Wealth Advisors LLC purchased a new stake in shares of Fortinet during the first quarter valued at $35,000. 83.71% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on FTNT shares. Evercore ISI dropped their price objective on Fortinet from $105.00 to $78.00 and set an "in-line" rating on the stock in a research report on Friday, August 8th. Barclays lowered their target price on Fortinet from $110.00 to $90.00 and set an "equal weight" rating on the stock in a report on Thursday, August 7th. DZ Bank raised Fortinet from a "hold" rating to a "buy" rating and set a $85.00 target price on the stock in a report on Friday, August 8th. KeyCorp downgraded Fortinet from an "overweight" rating to a "sector weight" rating in a report on Thursday, August 7th. Finally, Stifel Nicolaus lowered their target price on Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $97.03.
Get Our Latest Analysis on FTNT
Insider Transactions at Fortinet
In other 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 transaction, the vice president directly 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 shares were sold at an average price of $98.48, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.
Fortinet Stock Up 1.8%
FTNT stock opened at $86.46 on Thursday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month 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. The stock has a market cap of $66.25 billion, a P/E ratio of 34.45, a PEG ratio of 3.20 and a beta of 1.09. The business's 50-day moving average price is $82.28 and its 200-day moving average price is $94.82.
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 for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.63 billion. During the same period in the previous year, the firm earned $0.57 EPS. The business's quarterly revenue was up 13.6% on a year-over-year basis. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.
Fortinet Company 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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