Savvy Advisors Inc. Makes New Investment in Fortinet, Inc. $FTNT

Savvy Advisors Inc. acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 2,049 shares of the software maker’s stock, valued at approximately $217,000.

A number of other large investors have also made changes to their positions in FTNT. Brighton Jones LLC lifted its holdings in Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after purchasing an additional 221 shares in the last quarter. Bison Wealth LLC acquired a new stake in Fortinet during the fourth quarter worth approximately $585,000. DAVENPORT & Co LLC grew its stake in Fortinet by 2.1% in the 1st quarter. DAVENPORT & Co LLC now owns 8,715 shares of the software maker’s stock worth $839,000 after acquiring an additional 179 shares during the period. Rossby Financial LCC purchased a new stake in Fortinet in the 1st quarter worth approximately $41,000. Finally, Private Trust Co. NA raised its holdings in Fortinet by 398.1% in the 1st quarter. Private Trust Co. NA now owns 3,138 shares of the software maker’s stock valued at $302,000 after acquiring an additional 2,508 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $86.43 on Monday. The firm has a fifty day moving average of $82.56 and a 200-day moving average of $93.47. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week 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 firm has a market capitalization of $66.23 billion, a P/E ratio of 34.43, a PEG ratio of 3.17 and a beta of 1.09.

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

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. BMO Capital Markets reduced their target price on Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research report on Thursday, August 7th. Mizuho decreased their target price on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a research report on Thursday, August 7th. Cantor Fitzgerald boosted their target price on shares of Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, July 16th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. Finally, UBS Group lowered their price objective on shares of Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target 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.