Fortinet, Inc. $FTNT Shares Purchased by OMNI 360 Wealth Inc.

OMNI 360 Wealth Inc. boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 26.1% in the second quarter, HoldingsChannel.com reports. The fund owned 5,375 shares of the software maker’s stock after purchasing an additional 1,114 shares during the period. OMNI 360 Wealth Inc.’s holdings in Fortinet were worth $568,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FTNT. SJS Investment Consulting Inc. boosted 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. Saudi Central Bank purchased a new position in Fortinet during the 1st quarter valued at about $25,000. Clearstead Trust LLC purchased a new position in Fortinet during the 1st quarter valued at about $28,000. Caitong International Asset Management Co. Ltd boosted 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 boosted 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 currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FTNT has been the subject of a number of research analyst reports. Cantor Fitzgerald raised their target price on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, July 16th. Erste Group Bank cut Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Barclays decreased their price objective on Fortinet from $110.00 to $90.00 and set an “equal weight” rating for the company 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. Finally, Evercore ISI decreased their price objective on Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research note on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $97.03.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 476,596 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 $46,935,174.08. Following the completion of the sale, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade 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 insiders.

Fortinet Price Performance

FTNT stock opened at $79.68 on Friday. The business has a 50 day moving average price of $89.66 and a 200 day moving average price of $96.85. The stock has a market cap of $61.06 billion, a price-to-earnings ratio of 31.75, a PEG ratio of 3.05 and a beta of 1.12. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week 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.

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 the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion during 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.57 earnings per share. Equities research analysts anticipate 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.