Financial Partners Group LLC Has $1.98 Million Position in Fortinet, Inc. $FTNT

Financial Partners Group LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 27.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,706 shares of the software maker’s stock after purchasing an additional 4,085 shares during the period. Financial Partners Group LLC’s holdings in Fortinet were worth $1,978,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of FTNT. Vanguard Group Inc. grew its position in shares of Fortinet by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after buying an additional 3,546,934 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Fortinet by 11,349.3% in the 1st quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker’s stock valued at $185,551,000 after buying an additional 1,910,771 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Fortinet by 40.9% in the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after buying an additional 1,733,670 shares during the last quarter. Nuveen LLC bought a new stake in shares of Fortinet in the 1st quarter valued at about $153,576,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Fortinet by 17.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after buying an additional 1,026,277 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of Fortinet stock opened at $84.32 on Friday. The company has a market cap of $64.61 billion, a PE ratio of 33.59, a price-to-earnings-growth ratio of 3.18 and a beta of 1.12. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The business has a 50 day moving average price of $85.36 and a 200-day moving average price of $95.44. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Royal Bank Of Canada reduced their price target on Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 7th. BMO Capital Markets reduced their price target on Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research report on Thursday, August 7th. Rosenblatt Securities reiterated a “neutral” rating and issued a $85.00 price target (down previously from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. DZ Bank upgraded Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research report on Friday, August 8th. Finally, Mizuho dropped their price target on Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $97.03.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 158,486 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was 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 directly owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the sale, the vice president directly 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.

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.