Caliber Wealth Management LLC KS Buys New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Caliber Wealth Management LLC KS bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 3,200 shares of the software maker’s stock, valued at approximately $308,000.

A number of other hedge funds and other institutional investors have also modified their holdings of FTNT. SJS Investment Consulting Inc. increased its position in shares of Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock valued at $25,000 after acquiring an additional 225 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet during the fourth quarter worth about $27,000. ORG Partners LLC increased its position in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after buying an additional 112 shares during the last quarter. EQ Wealth Advisors LLC bought a new stake in Fortinet in the first quarter valued at approximately $35,000. Finally, Wayfinding Financial LLC acquired a new stake in shares of Fortinet in the first quarter valued at approximately $36,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of recent analyst reports. Roth Capital set a $103.00 price objective on Fortinet and gave the company a “neutral” rating in a research report on Tuesday, April 22nd. DZ Bank raised Fortinet from a “strong sell” rating to a “hold” rating in a research report on Thursday, May 8th. UBS Group cut their price objective on Fortinet from $115.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, May 8th. Jefferies Financial Group cut their price objective on Fortinet from $115.00 to $105.00 and set a “hold” rating for the company in a research report on Monday, March 31st. Finally, Cantor Fitzgerald raised their price objective on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday, July 16th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $106.48.

Fortinet Stock Up 0.0%

Shares of FTNT opened at $104.82 on Friday. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82. The company has a market cap of $80.23 billion, a P/E ratio of 43.14, a P/E/G ratio of 3.61 and a beta of 1.06. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The firm has a 50 day simple moving average of $103.48 and a two-hundred day simple moving average of $101.57.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 EPS for the quarter, beating the consensus estimate of $0.53 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the business earned $0.43 earnings per share. The company’s revenue was up 13.8% on a year-over-year basis. Research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,488 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.10, for a total transaction of $16,815,576.80. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,452,678,361.90. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 3,546 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $106.11, for a total transaction of $376,266.06. Following the transaction, the vice president owned 11,000,068 shares of the company’s stock, valued at approximately $1,167,217,215.48. This represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

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.