Blair William & Co. IL Purchases 876 Shares of Fortinet, Inc. $FTNT

Blair William & Co. IL boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 0.4% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 202,463 shares of the software maker’s stock after purchasing an additional 876 shares during the period. Blair William & Co. IL’s holdings in Fortinet were worth $21,404,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Saudi Central Bank bought a new position in shares of Fortinet during the 1st quarter valued at approximately $25,000. Clearstead Trust LLC purchased a new position in Fortinet in the first quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd lifted its stake in Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after purchasing an additional 284 shares during the last quarter. ORG Partners LLC lifted its stake in Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after purchasing an additional 112 shares during the last quarter. Finally, EQ Wealth Advisors LLC purchased a new position in Fortinet in the first quarter valued at approximately $35,000. 83.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 158,486 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 $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 $5,061,072,243.92. The trade was a 0.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction, the vice president owned 9,730,560 shares of the company’s stock, 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 insiders.

Fortinet Stock Down 0.3%

FTNT opened at $86.19 on Friday. The company has a fifty day moving average price of $82.01 and a 200-day moving average price of $94.73. The firm has a market capitalization of $66.04 billion, a P/E ratio of 34.34, a price-to-earnings-growth ratio of 3.26 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion during 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%. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.57 EPS. Equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Scotiabank dropped their price objective on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 7th. TD Cowen reiterated a “hold” rating and issued a $105.00 price objective on shares of Fortinet in a research note on Thursday, August 7th. Evercore ISI cut their price objective on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a report on Friday, August 8th. DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a report on Friday, August 8th. Finally, Barclays lowered their target price on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” 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 given a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average price target of $97.03.

Fortinet 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.