Concord Wealth Partners Boosts Holdings in Fortinet, Inc. $FTNT

Concord Wealth Partners raised its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2,325.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 1,043 shares of the software maker’s stock after acquiring an additional 1,000 shares during the period. Concord Wealth Partners’ holdings in Fortinet were worth $110,000 as of its most recent filing with the SEC.

Several other hedge funds also recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC boosted its holdings in Fortinet by 22.6% in the second quarter. Sequoia Financial Advisors LLC now owns 20,099 shares of the software maker’s stock valued at $2,125,000 after purchasing an additional 3,706 shares during the last quarter. Montrusco Bolton Investments Inc. acquired a new position in shares of Fortinet in the second quarter worth about $108,056,000. CWM LLC raised its position in shares of Fortinet by 6.7% in the second quarter. CWM LLC now owns 142,127 shares of the software maker’s stock worth $15,026,000 after acquiring an additional 8,933 shares during the period. Board of the Pension Protection Fund raised its position in shares of Fortinet by 4.5% in the second quarter. Board of the Pension Protection Fund now owns 2,300 shares of the software maker’s stock worth $243,000 after acquiring an additional 100 shares during the period. Finally, Vanguard Personalized Indexing Management LLC raised its position in shares of Fortinet by 18.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 120,360 shares of the software maker’s stock worth $12,725,000 after acquiring an additional 18,407 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on FTNT. Royal Bank Of Canada decreased their price objective on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a research report on Thursday, August 7th. Cantor Fitzgerald upped their price objective on shares of Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 16th. UBS Group decreased their price objective on shares of Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. DZ Bank upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a research report on Friday, August 8th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Fortinet in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Fortinet has an average rating of “Hold” and an average price target of $97.03.

Fortinet Stock Up 1.4%

FTNT opened at $84.20 on Tuesday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The company has a 50-day moving average price of $81.43 and a 200 day moving average price of $94.43. The company has a market cap of $64.52 billion, a PE ratio of 33.55, a price-to-earnings-growth ratio of 3.13 and a beta of 1.09.

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

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the stock in a transaction dated 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction dated 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 completion of 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 disclosure for this sale can be found here. 18.00% of the stock is currently owned by corporate insiders.

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.