Empirical Financial Services LLC d.b.a. Empirical Wealth Management Purchases 1,736 Shares of Fortinet, Inc. $FTNT

Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 35.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,667 shares of the software maker’s stock after purchasing an additional 1,736 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Fortinet were worth $705,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the business. SJS Investment Consulting Inc. increased 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 worth $25,000 after acquiring an additional 225 shares during the last quarter. Saudi Central Bank bought a new position in shares of Fortinet during the 1st quarter valued at approximately $25,000. Clearstead Trust LLC purchased a new stake in Fortinet during the 1st quarter valued at $28,000. Caitong International Asset Management Co. Ltd raised its holdings in Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after buying an additional 284 shares during the period. Finally, ORG Partners LLC lifted its position in Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after buying an additional 112 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $85.79 on Monday. The company has a 50 day moving average of $83.35 and a two-hundred day moving average of $95.04. 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, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a market cap of $65.74 billion, a price-to-earnings ratio of 34.18, a price-to-earnings-growth ratio of 3.24 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating 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 firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the business posted $0.57 EPS. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. As a group, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the business’s stock in a transaction that occurred on 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 approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 158,486 shares of the business’s 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 sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Wells Fargo & Company reduced their price objective on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. JPMorgan Chase & Co. dropped their target price on Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Evercore ISI reduced their price target on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. Finally, DZ Bank raised Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $97.03.

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.