&Partners Takes $739,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

&Partners acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 12,263 shares of the software maker’s stock, valued at approximately $739,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Winthrop Capital Management LLC acquired a new stake in Fortinet in the 1st quarter worth about $25,000. Rise Advisors LLC raised its stake in Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares in the last quarter. Vima LLC acquired a new position in shares of Fortinet in the 4th quarter valued at approximately $25,000. Oakworth Capital Inc. acquired a new position in shares of Fortinet in the 2nd quarter valued at approximately $33,000. Finally, Creekmur Asset Management LLC acquired a new position in shares of Fortinet in the 4th quarter valued at approximately $32,000. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of research analyst reports. Citigroup upped their price objective on shares of Fortinet from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Thursday, July 18th. Robert W. Baird upped their price objective on shares of Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Finally, Barclays reduced their price objective on shares of Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 11th. Twenty-three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $71.31.

Fortinet Stock Down 0.5 %

FTNT traded down $0.37 during trading on Friday, hitting $74.12. 930,912 shares of the company traded hands, compared to its average volume of 5,851,630. The firm has a market cap of $56.62 billion, a P/E ratio of 48.42, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. The stock’s fifty day moving average is $62.10 and its 200 day moving average is $64.23. Fortinet, Inc. has a one year low of $44.12 and a one year high of $76.31.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the business earned $0.31 earnings per share. On average, equities research analysts forecast that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William H. Neukom acquired 586 shares of the stock in a transaction dated Thursday, June 6th. The stock was acquired at an average price of $59.55 per share, with a total value of $34,896.30. Following the completion of the acquisition, the director now owns 295,778 shares in the company, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. Insiders sold 115,608 shares of company stock worth $7,132,649 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

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.