Surience Private Wealth LLC Makes New $4.16 Million Investment in Fortinet, Inc. $FTNT

Key Points

• Surience Private Wealth LLC has made a new investment of approximately $4.16 million in Fortinet, acquiring 39,373 shares, which represents around 3.9% of its portfolio.
• Fortinet reported earnings per share (EPS) of $0.64 for the last quarter, surpassing the estimate of $0.59, and showcasing a 13.6% increase in revenue year-over-year.
• Fortinet's stock ratings have seen revisions, with JPMorgan Chase and others downgrading their price targets, now averaging around $87.00, indicating a cautious outlook among analysts.

Surience Private Wealth LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 39,373 shares of the software maker's stock, valued at approximately $4,163,000. Fortinet accounts for approximately 3.9% of Surience Private Wealth LLC's portfolio, making the stock its 6th biggest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. SJS Investment Consulting Inc. increased its holdings in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after buying an additional 225 shares in the last quarter. Saudi Central Bank acquired a new stake in shares of Fortinet in the 1st quarter worth approximately $25,000. Clearstead Trust LLC purchased a new position in Fortinet in the 1st quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd raised its holdings in 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 worth $29,000 after purchasing an additional 284 shares during the last quarter. Finally, ORG Partners LLC boosted its position in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after purchasing an additional 112 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Down 2.0%

Shares of Fortinet stock opened at $83.60 on Thursday. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The business's fifty day moving average is $86.22 and its two-hundred day moving average is $95.65. 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 firm has a market cap of $64.06 billion, a PE ratio of 33.31, a P/E/G ratio of 3.22 and a beta of 1.12.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the firm posted $0.57 earnings per share. The business's quarterly revenue was up 13.6% compared to the same quarter last year. Analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. cut their price target on Fortinet from $105.00 to $87.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Wall Street Zen downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Rosenblatt Securities reiterated a "neutral" rating and issued a $85.00 price target (down from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. Erste Group Bank downgraded Fortinet from a "buy" rating to a "hold" rating in a research report on Thursday, August 14th. 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 research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $97.03.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the stock in a transaction that occurred on 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 $5,061,072,243.92. This trade represents a 0.31% 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, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on 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 transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.