Fortinet, Inc. $FTNT Shares Acquired by Mather Group LLC.

Mather Group LLC. increased its position in Fortinet, Inc. (NASDAQ:FTNT) by 22.6% during the second quarter, HoldingsChannel.com reports. The fund owned 5,305 shares of the software maker’s stock after acquiring an additional 978 shares during the quarter. Mather Group LLC.’s holdings in Fortinet were worth $561,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Geneos Wealth Management Inc. raised its stake in Fortinet by 40.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker’s stock valued at $7,045,000 after purchasing an additional 21,177 shares during the last quarter. Ritholtz Wealth Management boosted its holdings in Fortinet by 38.4% in the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker’s stock valued at $654,000 after acquiring an additional 1,885 shares during the last quarter. Gould Capital LLC acquired a new stake in Fortinet during the 1st quarter worth approximately $908,000. Dynamic Advisor Solutions LLC purchased a new position in shares of Fortinet in the 1st quarter valued at $216,000. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Fortinet by 40.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker’s stock worth $12,650,000 after purchasing an additional 38,080 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity

In other 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 transaction of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by corporate insiders.

Fortinet Trading Down 0.5%

Shares of NASDAQ:FTNT opened at $83.21 on Friday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The firm has a fifty day moving average price of $85.78 and a 200 day moving average price of $95.56. The stock has a market capitalization of $63.76 billion, a PE ratio of 33.15, a P/E/G ratio of 3.16 and a beta of 1.12.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the firm earned $0.57 EPS. The firm’s revenue was up 13.6% compared to the same quarter last year. Analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FTNT. UBS Group lowered their target price on Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Truist Financial dropped their price objective on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Royal Bank Of Canada reduced their price target on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a report on Thursday, August 7th. Barclays lowered their target price on Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. Finally, Erste Group Bank cut shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $97.03.

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.