Bleakley Financial Group LLC Buys 399 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Bleakley Financial Group LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 8,659 shares of the software maker’s stock after buying an additional 399 shares during the period. Bleakley Financial Group LLC’s holdings in Fortinet were worth $672,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its holdings in shares of Fortinet by 664.8% during 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 acquiring an additional 30,542,551 shares during the period. Swedbank AB acquired a new position in Fortinet in the 1st quarter valued at $548,013,000. Marshall Wace LLP increased its position in Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the period. Van ECK Associates Corp lifted its holdings in shares of 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 buying an additional 2,802,446 shares in the last quarter. Finally, Sarasin & Partners LLP bought a new stake in shares of Fortinet in the first quarter valued at about $120,746,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,693 shares of the business’s 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 transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were 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 owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction 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 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 sold 95,250 shares of company stock worth $6,790,149. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $82.05 on Tuesday. 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 fifty-two week low of $44.12 and a fifty-two week high of $83.77. The company has a 50 day simple moving average of $76.78 and a two-hundred day simple moving average of $66.61. The company has a market capitalization of $62.68 billion, a PE ratio of 53.67, a P/E/G ratio of 2.84 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share 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 period in the prior year, the company posted $0.31 earnings per share. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. Research analysts anticipate that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on FTNT. Robert W. Baird boosted their price objective on shares of Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Morgan Stanley lowered their price objective on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. JPMorgan Chase & Co. upped their target price on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Finally, UBS Group raised their target price on Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $72.71.

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.