Keeler Thomas Management LLC Takes Position in Fortinet, Inc. $FTNT

Keeler Thomas Management LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 12,461 shares of the software maker’s stock, valued at approximately $1,317,000.

A number of other large investors also recently modified their holdings of the company. Leelyn Smith LLC boosted its position in shares of Fortinet by 0.9% in the second quarter. Leelyn Smith LLC now owns 15,824 shares of the software maker’s stock valued at $1,673,000 after acquiring an additional 147 shares during the period. CNB Bank lifted its position in Fortinet by 225.0% during the second quarter. CNB Bank now owns 663 shares of the software maker’s stock valued at $70,000 after purchasing an additional 459 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Fortinet by 3.6% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,766,816 shares of the software maker’s stock valued at $186,788,000 after purchasing an additional 61,616 shares during the last quarter. Moloney Securities Asset Management LLC lifted its position in Fortinet by 130.7% during the second quarter. Moloney Securities Asset Management LLC now owns 9,171 shares of the software maker’s stock valued at $970,000 after purchasing an additional 5,196 shares during the last quarter. Finally, Bleakley Financial Group LLC bought a new stake in Fortinet during the second quarter valued at approximately $1,088,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Up 0.7%

Shares of Fortinet stock opened at $85.56 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company’s fifty day simple moving average is $81.97 and its two-hundred day simple moving average is $93.93. The company has a market cap of $65.56 billion, a P/E ratio of 34.09, a PEG ratio of 3.20 and a beta of 1.09. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82.

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

Analysts Set New Price Targets

FTNT has been the subject of several research analyst reports. Mizuho dropped their target price on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a research report on Thursday, August 7th. BMO Capital Markets dropped their target price on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research report on Thursday, August 7th. JPMorgan Chase & Co. decreased their price target on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Truist Financial decreased their price target on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Finally, Scotiabank decreased their price target on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $97.03.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 476,596 shares of the company’s stock in a transaction dated 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 transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the company’s stock in a transaction dated Monday, August 4th. The shares were 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 in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

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.