Boomfish Wealth Group LLC Has $2.52 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Boomfish Wealth Group LLC cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 32,484 shares of the software maker’s stock after selling 2,208 shares during the period. Fortinet comprises approximately 1.5% of Boomfish Wealth Group LLC’s investment portfolio, making the stock its 22nd biggest position. Boomfish Wealth Group LLC’s holdings in Fortinet were worth $2,519,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Occidental Asset Management LLC bought a new position in Fortinet in the 3rd quarter valued at approximately $222,000. Kathleen S. Wright Associates Inc. acquired a new position in Fortinet in the 3rd quarter valued at approximately $65,000. Novare Capital Management LLC acquired a new position in Fortinet in the 3rd quarter valued at approximately $202,000. Paladin Wealth LLC bought a new position in shares of Fortinet during the third quarter valued at $46,000. Finally, Willis Investment Counsel lifted its holdings in shares of Fortinet by 0.9% during the third quarter. Willis Investment Counsel now owns 127,087 shares of the software maker’s stock worth $9,856,000 after purchasing an additional 1,139 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Down 0.0 %

FTNT opened at $82.83 on Tuesday. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $83.77. The firm has a market capitalization of $63.28 billion, a PE ratio of 54.14, a P/E/G ratio of 2.84 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The company’s 50-day moving average is $75.52 and its 200 day moving average is $66.26.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the business posted $0.31 earnings per share. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, research analysts predict that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,943 shares of company stock worth $4,881,539 in the last quarter. 18.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

FTNT has been the subject of several analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. UBS Group raised their price objective on Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. TD Cowen upped their target price on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Scotiabank increased their target price 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. Finally, Wedbush restated an “outperform” rating and issued a $78.00 price target on shares of Fortinet in a research report on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average price target of $72.64.

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.