Atwood & Palmer Inc. Boosts Stock Holdings in Fortinet, Inc. $FTNT

Atwood & Palmer Inc. boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 72.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 860 shares of the software maker’s stock after acquiring an additional 360 shares during the period. Atwood & Palmer Inc.’s holdings in Fortinet were worth $91,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. SJS Investment Consulting Inc. grew its stake in Fortinet by 703.1% during 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 in the last quarter. Saudi Central Bank bought a new position in Fortinet during the first quarter valued at $25,000. Clearstead Trust LLC bought a new position in Fortinet during the first quarter valued at $28,000. Caitong International Asset Management Co. Ltd lifted its position in Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after purchasing an additional 284 shares during the last quarter. Finally, ORG Partners LLC lifted its position in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after purchasing an additional 112 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Down 1.5%

Shares of FTNT opened at $79.68 on Monday. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The company has a 50-day moving average of $89.66 and a 200 day moving average of $96.78. The firm has a market capitalization of $61.06 billion, a price-to-earnings ratio of 31.75, a PEG ratio of 3.01 and a beta of 1.13. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the business posted $0.57 EPS. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. On average, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Erste Group Bank lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. JPMorgan Chase & Co. lowered their price objective on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Scotiabank lowered their price objective on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 7th. BMO Capital Markets lowered their price objective on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research report on Thursday, August 7th. Finally, Cowen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average target price of $97.03.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.00% of the company’s stock.

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.