Johnson Investment Counsel Inc. Has $1.88 Million Holdings in Fortinet, Inc. $FTNT

Johnson Investment Counsel Inc. lessened its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.5% in the second quarter, HoldingsChannel reports. The fund owned 17,768 shares of the software maker’s stock after selling 264 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Fortinet were worth $1,878,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Saudi Central Bank acquired a new stake in Fortinet in the first quarter valued at approximately $25,000. Clearstead Trust LLC acquired a new stake in Fortinet in the first quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd grew its stake in Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after acquiring an additional 284 shares during the period. ORG Partners LLC grew its stake 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 acquiring an additional 112 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. grew its stake in Fortinet by 41.4% in the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after acquiring an additional 104 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $84.20 on Tuesday. The firm has a market cap of $64.52 billion, a PE ratio of 33.55, a PEG ratio of 3.13 and a beta of 1.09. The stock’s fifty day moving average price is $81.43 and its two-hundred day moving average price is $94.43. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business’s revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 earnings per share. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling at Fortinet

In other Fortinet news, 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 value of $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 476,596 shares of the business’s stock in a transaction 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 owned 9,730,560 shares in the company, valued at approximately $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. Insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent research reports. Evercore ISI dropped their target price on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. TD Cowen restated a “hold” rating and issued a $105.00 target price on shares of Fortinet in a report on Thursday, August 7th. Cantor Fitzgerald raised their target price on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, July 16th. Morgan Stanley restated an “underweight” rating and issued a $67.00 target price (down previously from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. Finally, Wells Fargo & Company dropped their target price on Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus 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.