4,667 Shares in Fortinet, Inc. $FTNT Purchased by Wright Investors Service Inc.

Key Points

• Wright Investors Service Inc. has made a new investment of $493,000 in Fortinet, acquiring 4,667 shares during the second quarter.
• Multiple institutional investors have increased their holdings in Fortinet, with over 83.71% of the stock currently owned by hedge funds and institutional investors.
• Recent ratings from analysts show a mixed outlook: while DZ Bank raised Fortinet's rating to a "buy," others like Citigroup downgraded its price target significantly from $110.00 to $85.00.

Wright Investors Service Inc. acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 4,667 shares of the software maker's stock, valued at approximately $493,000.

Several other institutional investors and hedge funds also recently made changes to their positions in FTNT. Geneos Wealth Management Inc. raised its holdings in shares of Fortinet by 40.7% in the first quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker's stock valued at $7,045,000 after purchasing an additional 21,177 shares during the last quarter. Ritholtz Wealth Management raised its position in shares of Fortinet by 38.4% during the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock worth $654,000 after purchasing an additional 1,885 shares during the period. Gould Capital LLC bought a new position in Fortinet in the 1st quarter valued at $908,000. Dynamic Advisor Solutions LLC bought a new position in Fortinet in the 1st quarter worth about $216,000. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of Fortinet by 40.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after acquiring an additional 38,080 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Trading Up 1.0%

Shares of FTNT stock traded up $0.80 during trading hours on Monday, reaching $85.01. 6,169,920 shares of the stock traded hands, compared to its average volume of 5,718,333. The business has a fifty day moving average price of $87.36 and a 200 day moving average price of $95.92. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The firm has a market capitalization of $65.14 billion, a PE ratio of 33.87, a PEG ratio of 3.18 and a beta of 1.12. 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 released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the firm earned $0.57 EPS. The firm's revenue for the quarter was up 13.6% compared to the same quarter last year. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling

In other news, VP Michael Xie sold 476,596 shares of the firm's 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 $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. This trade represents a 4.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,486 shares of the firm's stock in a transaction on 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 owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on FTNT. Wall Street Zen cut Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Cantor Fitzgerald raised their price objective on Fortinet from $100.00 to $110.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Stifel Nicolaus dropped their target price on Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a research 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 research report on Friday, August 8th. Finally, Scotiabank cut their price target on Fortinet from $115.00 to $85.00 and set a "sector outperform" rating for the company in a research note 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 issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $97.03.

About Fortinet

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.