Regal Investment Advisors LLC Increases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Regal Investment Advisors LLC boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 72.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 20,690 shares of the software maker’s stock after purchasing an additional 8,711 shares during the quarter. Regal Investment Advisors LLC’s holdings in Fortinet were worth $1,247,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of FTNT. Focus Financial Network Inc. ADV bought a new position in Fortinet during the fourth quarter valued at approximately $260,000. California State Teachers Retirement System grew its stake in Fortinet by 1.2% during the fourth quarter. California State Teachers Retirement System now owns 1,058,235 shares of the software maker’s stock valued at $61,938,000 after acquiring an additional 12,944 shares in the last quarter. Jones Financial Companies Lllp grew its stake in Fortinet by 18.6% during the fourth quarter. Jones Financial Companies Lllp now owns 72,310 shares of the software maker’s stock valued at $4,232,000 after acquiring an additional 11,342 shares in the last quarter. NEOS Investment Management LLC grew its stake in Fortinet by 1.8% during the fourth quarter. NEOS Investment Management LLC now owns 34,327 shares of the software maker’s stock valued at $2,009,000 after acquiring an additional 616 shares in the last quarter. Finally, Rafferty Asset Management LLC grew its stake in shares of Fortinet by 23.4% in the 4th quarter. Rafferty Asset Management LLC now owns 404,401 shares of the software maker’s stock worth $23,670,000 after buying an additional 76,722 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, CEO Ken Xie sold 24,267 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the transaction, the chief executive officer now owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fortinet news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The disclosure for this sale can be found here. Insiders sold 96,210 shares of company stock worth $6,337,801 in the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Cantor Fitzgerald lifted their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target for the company in a report on Wednesday, August 7th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Tuesday, September 10th. 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 report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $71.57.

Fortinet Stock Up 0.1 %

Shares of Fortinet stock opened at $77.55 on Tuesday. The company has a market cap of $59.24 billion, a P/E ratio of 50.69, a PEG ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet, Inc. has a one year low of $44.12 and a one year high of $78.18. The firm has a fifty day moving average of $71.09 and a two-hundred day moving average of $65.45.

Fortinet (NASDAQ:FTNT) last announced 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. The company had revenue of $1.43 billion during 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 quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.31 EPS. On average, analysts forecast that Fortinet, Inc. will post 1.72 earnings per share for the current year.

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.