Frank Rimerman Advisors LLC Acquires 11,202 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Frank Rimerman Advisors LLC increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 37,340.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,232 shares of the software maker’s stock after acquiring an additional 11,202 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Fortinet were worth $677,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Quest Partners LLC purchased a new position in shares of Fortinet during the 4th quarter worth approximately $196,000. TCW Group Inc. purchased a new stake in Fortinet in the fourth quarter worth $611,000. Nomura Asset Management Co. Ltd. raised its holdings in Fortinet by 3.8% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 250,398 shares of the software maker’s stock worth $14,656,000 after purchasing an additional 9,203 shares in the last quarter. Hsbc Holdings PLC lifted its position in Fortinet by 30.2% during the fourth quarter. Hsbc Holdings PLC now owns 1,675,718 shares of the software maker’s stock valued at $98,080,000 after buying an additional 389,098 shares during the period. Finally, United Services Automobile Association boosted its holdings in shares of Fortinet by 10.5% during the 4th quarter. United Services Automobile Association now owns 18,495 shares of the software maker’s stock valued at $1,083,000 after buying an additional 1,758 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FTNT has been the subject of a number of recent research reports. Citigroup lifted their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Robert W. Baird boosted their price target on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research report on Thursday, August 8th. Finally, Royal Bank of Canada boosted their target price on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $71.57.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $77.44 on Tuesday. The firm’s 50 day moving average price is $69.23 and its 200-day moving average price is $65.21. 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 stock has a market capitalization of $59.16 billion, a PE ratio of 50.61, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $78.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results 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 business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm earned $0.31 earnings per share. The company’s quarterly revenue was up 10.9% on a year-over-year basis. Equities research analysts expect that Fortinet, Inc. will post 1.7 EPS for the current year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated 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 transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Michael Xie sold 24,712 shares of the 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 completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 24,267 shares of the firm’s 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 sale, the chief executive officer now owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The disclosure for this sale can be found here. Over the last quarter, insiders sold 96,210 shares of company stock valued at $6,337,801. Company insiders own 18.00% of the company’s stock.

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.