Cornerstone Enterprises LLC Has $664,000 Position in Fortinet, Inc. $FTNT

Cornerstone Enterprises LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 25.2% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 6,283 shares of the software maker’s stock after buying an additional 1,265 shares during the period. Fortinet makes up 0.4% of Cornerstone Enterprises LLC’s investment portfolio, making the stock its 23rd biggest holding. Cornerstone Enterprises LLC’s holdings in Fortinet were worth $664,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in FTNT. Brighton Jones LLC raised its position in shares of Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after buying an additional 221 shares during the last quarter. Bison Wealth LLC acquired a new position in shares of Fortinet during the fourth quarter valued at about $585,000. Park Avenue Securities LLC raised its position in shares of Fortinet by 27.4% during the first quarter. Park Avenue Securities LLC now owns 24,057 shares of the software maker’s stock valued at $2,316,000 after buying an additional 5,171 shares during the last quarter. Capital Investment Advisors LLC raised its position in shares of Fortinet by 9.5% during the first quarter. Capital Investment Advisors LLC now owns 6,990 shares of the software maker’s stock valued at $673,000 after buying an additional 605 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position in Fortinet by 7.4% in the first quarter. Farther Finance Advisors LLC now owns 18,261 shares of the software maker’s stock worth $1,765,000 after purchasing an additional 1,257 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of the 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 $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 476,596 shares of the 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 directly owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

Fortinet Price Performance

Shares of Fortinet stock opened at $86.46 on Thursday. 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 stock has a market capitalization of $66.25 billion, a price-to-earnings ratio of 34.45, a P/E/G ratio of 3.20 and a beta of 1.09. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The firm’s 50-day moving average price is $82.28 and its two-hundred day moving average price is $94.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results 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 net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the firm earned $0.57 earnings per share. Fortinet’s revenue was up 13.6% compared to the same quarter last year. On average, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FTNT. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 price target (down previously from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. JPMorgan Chase & Co. dropped their price target on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Cantor Fitzgerald increased their price target 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 dropped their price target 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. Finally, Wells Fargo & Company dropped their price target on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus 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.