Raymond James Financial Services Advisors Inc. boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 4.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 177,401 shares of the software maker’s stock after purchasing an additional 7,128 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Fortinet were worth $10,692,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. International Assets Investment Management LLC grew its position in Fortinet by 5,645.7% during the fourth quarter. International Assets Investment Management LLC now owns 266,312 shares of the software maker’s stock worth $15,587,000 after buying an additional 261,677 shares in the last quarter. Federated Hermes Inc. lifted its holdings in shares of Fortinet by 149.0% during the 4th quarter. Federated Hermes Inc. now owns 59,829 shares of the software maker’s stock worth $3,502,000 after acquiring an additional 35,803 shares during the period. abrdn plc boosted its position in shares of Fortinet by 66.9% during the 4th quarter. abrdn plc now owns 325,017 shares of the software maker’s stock worth $19,023,000 after acquiring an additional 130,308 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in Fortinet by 31.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,059 shares of the software maker’s stock valued at $62,000 after acquiring an additional 256 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC lifted its stake in Fortinet by 4.8% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 19,750 shares of the software maker’s stock worth $1,156,000 after purchasing an additional 907 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have recently issued reports on FTNT. HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a research note on Wednesday, August 7th. Scotiabank boosted their target price on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average target price of $71.31.
View Our Latest Stock Analysis on Fortinet
Fortinet Stock Performance
Shares of FTNT opened at $74.49 on Friday. The business’s 50 day moving average price is $61.82 and its two-hundred day moving average price is $64.16. The firm has a market cap of $56.91 billion, a PE ratio of 48.75, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $76.31.
Fortinet (NASDAQ:FTNT – Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period last year, the company posted $0.31 earnings per share. The business’s quarterly revenue was up 10.9% on a year-over-year basis. Research analysts predict that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.
Insider Activity
In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the transaction, the chief financial officer now owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The disclosure for this sale can be found here. Insiders sold a total of 115,608 shares of company stock worth $7,132,649 over the last quarter. 18.00% of the stock is currently owned by corporate insiders.
About Fortinet
(Free Report)
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.
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