Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Alaethes Wealth LLC

Alaethes Wealth LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,783 shares of the software maker’s stock after purchasing an additional 798 shares during the quarter. Alaethes Wealth LLC’s holdings in Fortinet were worth $1,614,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Parallel Advisors LLC grew its position in shares of Fortinet by 2.0% during the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after buying an additional 148 shares in the last quarter. Simplicity Wealth LLC raised its stake in Fortinet by 2.2% during the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after buying an additional 174 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in Fortinet by 22.4% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after buying an additional 180 shares during the last quarter. Werlinich Asset Management LLC grew its position in shares of Fortinet by 1.7% in the 2nd quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after acquiring an additional 180 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC boosted its holdings in Fortinet by 0.9% in the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after purchasing an additional 185 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’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 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 Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 24,712 shares of Fortinet 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 in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,210 shares of company stock worth $6,337,801. 18.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Morgan Stanley cut their target price on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Wells Fargo & Company lifted their price target on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Barclays lowered their target price on Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 11th. Wedbush reiterated an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research report on Wednesday, August 7th. Finally, Scotiabank raised their price target on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a 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 assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $71.57.

Fortinet Stock Performance

NASDAQ:FTNT opened at $76.78 on Friday. The stock has a market capitalization of $58.66 billion, a P/E ratio of 50.18, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $78.08. The firm has a 50 day moving average of $68.88 and a 200-day moving average of $65.25. 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 (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates 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 previous year, the firm earned $0.31 earnings per share. The business’s revenue was up 10.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 1.7 EPS for the current fiscal year.

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.