J.W. Cole Advisors Inc. Takes $308,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

J.W. Cole Advisors Inc. acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 5,114 shares of the software maker’s stock, valued at approximately $308,000.

Other institutional investors also recently modified their holdings of the company. TFO Wealth Partners LLC boosted its stake in shares of Fortinet by 72,668.0% in the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock valued at $1,065,000 after purchasing an additional 18,167 shares during the last quarter. Sanibel Captiva Trust Company Inc. bought a new position in Fortinet during the fourth quarter worth $10,394,000. Hsbc Holdings PLC boosted its stake in Fortinet by 30.2% during the fourth quarter. Hsbc Holdings PLC now owns 1,675,718 shares of the software maker’s stock worth $98,080,000 after acquiring an additional 389,098 shares in the last quarter. Advanced Portfolio Management LLC bought a new position in Fortinet during the fourth quarter worth $1,537,000. Finally, GAMMA Investing LLC boosted its stake in Fortinet by 26.9% during the first quarter. GAMMA Investing LLC now owns 10,001 shares of the software maker’s stock worth $683,000 after acquiring an additional 2,118 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Ken Xie sold 24,267 shares of the company’s 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 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 document filed with the SEC, which is accessible through the SEC website. In related news, CEO Ken Xie sold 24,267 shares of the company’s 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 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 document filed with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated 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 transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold a total of 96,210 shares of company stock worth $6,337,801 in the last quarter. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $74.68 on Thursday. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.08. The stock has a market cap of $57.05 billion, a PE ratio of 48.81, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The company’s fifty day moving average price is $67.90 and its 200-day moving average price is $65.07.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The firm 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 company’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.31 EPS. On average, equities analysts expect that Fortinet, Inc. will post 1.7 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Citigroup increased their target price on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research note on Friday, September 13th. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Susquehanna upped their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. TD Cowen upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a report on Thursday, July 18th. Finally, Wedbush restated an “outperform” rating and set a $78.00 price objective on shares of Fortinet in a 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.com, the stock has a consensus rating of “Hold” and a consensus price target of $71.57.

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.