Barlow Wealth Partners Inc. Grows Stake in Fortinet, Inc. (NASDAQ:FTNT)

Barlow Wealth Partners Inc. raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 168,126 shares of the software maker’s stock after purchasing an additional 3,024 shares during the quarter. Fortinet comprises about 1.7% of Barlow Wealth Partners Inc.’s investment portfolio, making the stock its 29th biggest position. Barlow Wealth Partners Inc.’s holdings in Fortinet were worth $13,026,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its stake in Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. Swedbank AB bought a new stake in shares of Fortinet during the first quarter valued at approximately $548,013,000. Marshall Wace LLP raised its holdings in shares of Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after buying an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp raised its holdings in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. Finally, Sarasin & Partners LLP acquired a new stake in shares of Fortinet during the 1st quarter valued at $120,746,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 24,712 shares of the business’s 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 of the company’s stock, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet 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 approximately $608,626,179.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 24,267 shares of Fortinet 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 sale, the chief executive officer now owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 96,210 shares of company stock valued at $6,337,801. 18.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FTNT. Citigroup boosted their target price on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Tuesday, September 10th. Robert W. Baird increased their target price on shares of Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, Barclays raised their price target on shares of Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday. Twenty-three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $72.11.

Fortinet Trading Up 2.0 %

FTNT stock traded up $1.52 during midday trading on Wednesday, reaching $79.30. The company’s stock had a trading volume of 628,950 shares, compared to its average volume of 5,573,488. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $79.84. The stock has a market cap of $60.58 billion, a PE ratio of 50.84, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. 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 business’s 50-day simple moving average is $73.50 and its 200-day simple moving average is $65.85.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period last year, the firm posted $0.31 earnings per share. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.72 EPS for the current year.

Fortinet 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.