CreativeOne Wealth LLC Invests $732,000 in Fortinet, Inc. (NASDAQ:FTNT)

CreativeOne Wealth LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 10,716 shares of the software maker’s stock, valued at approximately $732,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Winthrop Capital Management LLC bought a new position in shares of Fortinet in the 1st quarter valued at $25,000. Rise Advisors LLC raised its holdings in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the period. Vima LLC acquired a new stake in Fortinet in the fourth quarter valued at approximately $25,000. Creekmur Asset Management LLC acquired a new stake in Fortinet in the 4th quarter valued at $32,000. Finally, American National Bank raised its holdings in shares of Fortinet by 443.6% in the 4th quarter. American National Bank now owns 598 shares of the software maker’s stock worth $35,000 after acquiring an additional 488 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Mizuho cut their price target on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Wells Fargo & Company lowered their price target on shares of Fortinet from $70.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. Royal Bank of Canada cut their target price on Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a research note on Friday, May 3rd. Piper Sandler lowered their price objective on Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Finally, Wedbush reiterated an “outperform” rating and set a $78.00 target price on shares of Fortinet in a research report on Wednesday, May 22nd. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $69.90.

Fortinet Trading Down 0.5 %

FTNT stock traded down $0.31 during mid-day trading on Friday, reaching $57.00. 4,244,996 shares of the stock traded hands, compared to its average volume of 4,748,436. The stock’s fifty day moving average is $59.57 and its 200-day moving average is $63.81. The company has a market cap of $43.54 billion, a P/E ratio of 37.26, a P/E/G ratio of 2.80 and a beta of 0.98. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $78.58.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period in the prior year, the firm earned $0.29 EPS. Fortinet’s quarterly revenue was up 7.2% compared to the same quarter last year. Equities research analysts expect that Fortinet, Inc. will post 1.47 earnings per share for the current year.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 18,701 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the sale, the chief financial officer now owns 4,663 shares in the company, valued at $278,287.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Fortinet news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the sale, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the transaction, the chief executive officer now owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The disclosure for this sale can be found here. Insiders have sold a total of 91,913 shares of company stock valued at $5,608,349 in the last 90 days. 18.00% of the stock is owned by corporate insiders.

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.