Vanguard Personalized Indexing Management LLC Grows Stock Holdings in Fortinet, Inc. $FTNT

Vanguard Personalized Indexing Management LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 18.1% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 120,360 shares of the software maker’s stock after buying an additional 18,407 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in Fortinet were worth $12,725,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Saudi Central Bank purchased a new position in shares of Fortinet during the 1st quarter valued at $25,000. Clearstead Trust LLC purchased a new position in shares of Fortinet during the 1st quarter valued at $28,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of 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 buying an additional 284 shares in the last quarter. ORG Partners LLC lifted its stake in shares of 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 buying an additional 112 shares in the last quarter. Finally, EQ Wealth Advisors LLC purchased a new position in shares of Fortinet during the 1st quarter valued at $35,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. 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 research note on Thursday, August 7th. Royal Bank Of Canada decreased their price target on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 7th. Cantor Fitzgerald boosted their price target on shares of Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 16th. Finally, KeyCorp cut shares of Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $97.03.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 476,596 shares of the business’s stock in a transaction dated Monday, August 4th. The stock was 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 owned 9,730,560 shares in the company, valued at approximately $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. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Fortinet stock opened at $83.06 on Monday. The company’s 50-day moving average price is $81.72 and its 200-day moving average price is $94.52. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month 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 company has a market cap of $63.64 billion, a PE ratio of 33.09, a price-to-earnings-growth ratio of 3.13 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last posted its 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 for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the firm posted $0.57 EPS. The business’s quarterly revenue was up 13.6% on a year-over-year basis. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.