Fortinet, Inc. $FTNT Position Raised by Foster Victor Wealth Advisors LLC

Foster Victor Wealth Advisors LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 83,141 shares of the software maker’s stock after acquiring an additional 943 shares during the period. Foster Victor Wealth Advisors LLC’s holdings in Fortinet were worth $8,950,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of FTNT. Saudi Central Bank bought a new position in Fortinet in the 1st quarter worth about $25,000. SJS Investment Consulting Inc. boosted its position in shares of Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after buying an additional 225 shares during the period. Clearstead Trust LLC acquired a new position in shares of Fortinet during the first quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd grew its holdings in Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after buying an additional 284 shares in the last quarter. Finally, ORG Partners LLC increased its position in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after acquiring an additional 112 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Up 0.3%

NASDAQ FTNT opened at $85.27 on Wednesday. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The company has a market capitalization of $65.34 billion, a P/E ratio of 33.97, a PEG ratio of 3.21 and a beta of 1.12. The company’s 50 day simple moving average is $86.61 and its 200 day simple moving average is $95.73. 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 issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period last year, the firm posted $0.57 earnings per share. Equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Analysts Set New Price Targets

A number of brokerages have issued reports on FTNT. BMO Capital Markets reduced their price target on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research report on Thursday, August 7th. Stifel Nicolaus reduced their price objective on shares of Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a report on Thursday, August 7th. Wall Street Zen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Cowen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. Finally, Evercore ISI reduced their price target on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $97.03.

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.