Fairscale Capital LLC Buys New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Fairscale Capital LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 1,749 shares of the software maker’s stock, valued at approximately $104,000.

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

Fortinet Price Performance

Shares of FTNT stock opened at $76.78 on Monday. The firm has a market cap of $58.66 billion, a price-to-earnings ratio of 50.18, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.08. 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 stock has a 50-day moving average price of $68.88 and a 200 day moving average price of $65.18.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results 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 net margin of 23.71% and a negative return on equity of 2,160.10%. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the company earned $0.31 EPS. Fortinet’s revenue was up 10.9% on a year-over-year basis. Research analysts expect that Fortinet, Inc. will post 1.7 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FTNT. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Barclays lowered their price objective on Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 11th. Finally, Hsbc Global Res upgraded Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Twenty-three equities research 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $71.57.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the transaction, the chief executive officer now directly owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fortinet 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 value 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. 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. Insiders own 18.00% of the company’s stock.

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.