Fielder Capital Group LLC Has $411,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Fielder Capital Group LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,815 shares of the software maker’s stock after purchasing an additional 373 shares during the quarter. Fielder Capital Group LLC’s holdings in Fortinet were worth $411,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in FTNT. Iyo Bank Ltd. raised its position in Fortinet by 194.7% during the second quarter. Iyo Bank Ltd. now owns 25,050 shares of the software maker’s stock valued at $1,510,000 after acquiring an additional 16,550 shares in the last quarter. JPL Wealth Management LLC raised its position in Fortinet by 5.1% during the second quarter. JPL Wealth Management LLC now owns 6,792 shares of the software maker’s stock valued at $409,000 after acquiring an additional 332 shares in the last quarter. Summit Financial LLC bought a new position in Fortinet during the second quarter valued at approximately $277,000. Barlow Wealth Partners Inc. raised its position in Fortinet by 0.8% during the second quarter. Barlow Wealth Partners Inc. now owns 165,102 shares of the software maker’s stock valued at $9,351,000 after acquiring an additional 1,344 shares in the last quarter. Finally, Dover Advisors LLC raised its position in Fortinet by 55.5% during the second quarter. Dover Advisors LLC now owns 13,165 shares of the software maker’s stock valued at $793,000 after acquiring an additional 4,701 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In other news, CFO Keith Jensen sold 18,701 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Keith Jensen sold 18,701 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Neukom bought 586 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average cost of $59.55 per share, with a total value of $34,896.30. Following the completion of the purchase, the director now directly owns 295,778 shares of the company’s stock, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. Insiders sold 115,608 shares of company stock valued at $7,132,649 in the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Trading Up 0.6 %

Shares of NASDAQ:FTNT traded up $0.44 during mid-day trading on Friday, reaching $76.71. The stock had a trading volume of 3,585,700 shares, compared to its average volume of 6,242,625. The firm has a market cap of $58.68 billion, a PE ratio of 50.14, a price-to-earnings-growth ratio of 2.77 and a beta of 0.98. The firm has a 50 day simple moving average of $64.06 and a two-hundred day simple moving average of $64.49. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $77.18.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period last year, the company posted $0.31 EPS. On average, research analysts predict that Fortinet, Inc. will post 1.7 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FTNT. Scotiabank lifted their price target on shares of Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, August 7th. Royal Bank of Canada lifted their price target on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Wedbush reaffirmed an “outperform” rating and set a $78.00 target price on shares of Fortinet in a research report on Wednesday, August 7th. Finally, Cantor Fitzgerald boosted their target price on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Twenty-four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $71.31.

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.