Thoroughbred Financial Services LLC Takes $310,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Thoroughbred Financial Services LLC bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to its most recent filing with the SEC. The fund bought 5,155 shares of the software maker’s stock, valued at approximately $310,000.

Several other institutional investors have also made changes to their positions in the business. Winthrop Capital Management LLC bought a new position in Fortinet during the first quarter worth about $25,000. Rise Advisors LLC grew its stake in shares of Fortinet by 135.6% in the 1st 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. Vima LLC acquired a new position in shares of Fortinet in the 4th quarter worth approximately $25,000. Oakworth Capital Inc. bought a new position in shares of Fortinet during the 2nd quarter worth approximately $33,000. Finally, Creekmur Asset Management LLC acquired a new stake in Fortinet in the 4th quarter valued at $32,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FTNT. Citigroup lifted their price objective on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday, September 13th. Morgan Stanley cut their price target on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, July 17th. Robert W. Baird upped their price objective on shares of Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Scotiabank lifted their target price on shares of Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, August 7th. 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 issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $71.57.

Insider Buying and Selling

In other news, CEO Ken Xie sold 23,693 shares of the 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 completion of the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was 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 directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The disclosure for this sale can be found here. In the last three months, insiders sold 72,672 shares of company stock valued at $4,573,864. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Down 1.0 %

Fortinet stock opened at $75.61 on Wednesday. The firm has a market capitalization of $57.76 billion, a price-to-earnings ratio of 49.42, a PEG ratio of 2.77 and a beta of 1.00. The company’s 50 day simple moving average is $67.59 and its 200 day simple moving average is $65.03. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.08.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm’s revenue was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.31 EPS. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 1.7 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.