RMG Wealth Management LLC Takes $190,000 Position in Fortinet, Inc. $FTNT

RMG Wealth Management LLC bought a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,790 shares of the software maker’s stock, valued at approximately $190,000.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after buying an additional 3,546,934 shares during the period. AQR Capital Management LLC increased its stake in Fortinet by 40.9% in the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock worth $561,156,000 after purchasing an additional 1,733,670 shares in the last quarter. Nuveen LLC acquired a new stake in Fortinet during the 1st quarter worth about $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Fortinet by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after buying an additional 1,026,277 shares in the last quarter. Finally, AustralianSuper Pty Ltd boosted its holdings in shares of Fortinet by 127.6% in the first quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker’s stock worth $144,038,000 after buying an additional 839,028 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction that occurred on Monday, August 4th. The stock was 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 in the company, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 476,596 shares of the business’s stock in a transaction 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 completion of 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 position. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FTNT. Wedbush decreased their price objective on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Fortinet in a report on Saturday, September 27th. Rosenblatt Securities reiterated a “neutral” rating and set a $85.00 price target (down previously from $125.00) on shares of Fortinet in a report on Thursday, August 7th. JPMorgan Chase & Co. lowered their price target on Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Finally, KeyCorp lowered Fortinet from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $97.03.

Fortinet Price Performance

NASDAQ FTNT opened at $86.38 on Tuesday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The stock has a market capitalization of $66.19 billion, a PE ratio of 34.41, a P/E/G ratio of 3.24 and a beta of 1.09. The stock has a 50-day simple moving average of $82.98 and a 200 day simple moving average of $94.95.

Fortinet (NASDAQ:FTNT) last announced its 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 business had revenue of $1.63 billion for the quarter, compared to analyst estimates 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 firm posted $0.57 earnings per share. Research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current 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.