Granite Bay Wealth Management LLC Buys Shares of 119,700 Fortinet, Inc. (NASDAQ:FTNT)

Granite Bay Wealth Management LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 119,700 shares of the software maker’s stock, valued at approximately $7,443,000. Fortinet makes up 0.3% of Granite Bay Wealth Management LLC’s portfolio, making the stock its 28th largest position.

A number of other large investors have also recently made changes to their positions in FTNT. Vima LLC purchased a new position in Fortinet during the fourth quarter valued at approximately $25,000. Winthrop Capital Management LLC purchased a new position in shares of Fortinet during the 1st quarter valued at $25,000. Rise Advisors LLC grew its position in shares of Fortinet by 135.6% during 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 in the last quarter. Creekmur Asset Management LLC bought a new position in shares of Fortinet in the fourth quarter worth $32,000. Finally, Oakworth Capital Inc. purchased a new stake in shares of Fortinet in the second quarter worth $33,000. 83.71% of the stock is owned by institutional investors.

Fortinet Price Performance

FTNT opened at $77.55 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. The stock has a market capitalization of $59.24 billion, a PE ratio of 50.69, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The stock’s 50 day moving average price is $71.09 and its 200-day moving average price is $65.45. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $78.18.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 in the previous year, the firm earned $0.31 EPS. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. On average, equities research analysts predict that Fortinet, Inc. will post 1.72 EPS for the current year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Michael Xie sold 24,712 shares of the 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 of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders sold 96,210 shares of company stock worth $6,337,801 over the last three months. Company insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

FTNT has been the subject of several recent analyst reports. Hsbc Global Res upgraded Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their price objective on Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Citigroup boosted their price target 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. Finally, JPMorgan Chase & Co. increased their price target on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Twenty-three investment 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 company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $71.57.

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.