Private Advisor Group LLC Has $1.27 Million Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Private Advisor Group LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 16.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 20,981 shares of the software maker’s stock after buying an additional 3,030 shares during the period. Private Advisor Group LLC’s holdings in Fortinet were worth $1,265,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vima LLC acquired a new position in shares of Fortinet in the fourth quarter valued at approximately $25,000. Winthrop Capital Management LLC acquired a new position in Fortinet in the 1st quarter valued at $25,000. Rise Advisors LLC increased its position in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after buying an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new stake in shares of Fortinet during the fourth quarter worth $32,000. Finally, Oakworth Capital Inc. bought a new stake in shares of Fortinet in the second quarter valued at about $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity

In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders sold 72,672 shares of company stock worth $4,573,864 in the last quarter. 18.00% of the stock is owned by corporate insiders.

Fortinet Price Performance

FTNT stock opened at $75.01 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The firm has a market cap of $57.30 billion, a price-to-earnings ratio of 49.03, a PEG ratio of 2.77 and a beta of 1.00. The company’s fifty day simple moving average is $67.27 and its 200 day simple moving average is $65.01. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $78.08.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating 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 company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the company earned $0.31 EPS. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, analysts expect that Fortinet, Inc. will post 1.7 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on FTNT shares. UBS Group lifted their price objective on shares of Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a research note on Thursday, August 8th. Susquehanna raised their price objective on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. Finally, Scotiabank raised their price target on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $71.57.

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.