Duncan Williams Asset Management LLC Raises Stock Holdings in Fortinet, Inc. $FTNT

Duncan Williams Asset Management LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 18.6% in the second quarter, HoldingsChannel.com reports. The fund owned 14,664 shares of the software maker’s stock after acquiring an additional 2,298 shares during the quarter. Duncan Williams Asset Management LLC’s holdings in Fortinet were worth $1,550,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. SJS Investment Consulting Inc. boosted its position in 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 buying an additional 225 shares during the last quarter. Saudi Central Bank acquired a new stake in shares of Fortinet in the first quarter worth $25,000. Clearstead Trust LLC purchased a new position in shares of Fortinet during the first quarter worth $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 period. Finally, ORG Partners LLC boosted its holdings in Fortinet by 47.5% in 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 institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on FTNT. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Wedbush decreased their price target on Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Thursday, August 7th. DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research note on Friday, August 8th. Mizuho cut their target price on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a report on Thursday, August 7th. Finally, Cowen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $97.03.

Fortinet Trading Down 0.6%

Shares of FTNT opened at $85.79 on Monday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The firm has a market capitalization of $65.74 billion, a P/E ratio of 34.18, a P/E/G ratio of 3.24 and a beta of 1.09. The firm has a 50-day moving average price of $83.35 and a 200 day moving average price of $95.04. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the previous year, the business posted $0.57 EPS. Fortinet’s revenue was up 13.6% on a year-over-year basis. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In other news, VP Michael Xie sold 476,596 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 $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction 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 transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. The trade was 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.

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.