QTR Family Wealth LLC Acquires Shares of 1,977 Fortinet, Inc. $FTNT

QTR Family Wealth LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 1,977 shares of the software maker’s stock, valued at approximately $209,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Saudi Central Bank bought a new position in Fortinet during the first quarter valued at $25,000. SJS Investment Consulting Inc. raised its holdings in Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock valued at $25,000 after acquiring an additional 225 shares during the period. Clearstead Trust LLC bought a new stake in Fortinet during the 1st quarter valued at $28,000. Caitong International Asset Management Co. Ltd raised its holdings in Fortinet by 2,184.6% during the 1st 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. Finally, ORG Partners LLC raised its holdings in Fortinet by 47.5% during the 1st 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. 83.71% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FTNT. KeyCorp cut shares of Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 7th. TD Cowen reissued a “hold” rating and set a $105.00 target price on shares of Fortinet in a report on Thursday, August 7th. Truist Financial lowered their target price on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. UBS Group lowered their target price on shares of Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Finally, Mizuho decreased their price target on shares of Fortinet from $87.00 to $75.00 and set an “underperform” 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 issued a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $97.03.

Insiders Place Their Bets

In related news, VP Michael Xie sold 476,596 shares of the stock in a transaction on Monday, August 4th. The stock was 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 of the company’s stock, valued at $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

Fortinet Stock Up 1.3%

FTNT opened at $85.18 on Thursday. The stock has a market cap of $65.27 billion, a PE ratio of 33.94, a P/E/G ratio of 3.17 and a beta of 1.09. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The business’s fifty day simple moving average is $84.10 and its 200 day simple moving average is $95.23.

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

About Fortinet

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.