Interchange Capital Partners LLC Acquires 334 Shares of Fortinet, Inc. $FTNT

Interchange Capital Partners LLC lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 6.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,703 shares of the software maker’s stock after acquiring an additional 334 shares during the period. Interchange Capital Partners LLC’s holdings in Fortinet were worth $603,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in FTNT. Brighton Jones LLC lifted its holdings in shares of Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after acquiring an additional 221 shares during the last quarter. Bison Wealth LLC bought a new position in shares of Fortinet in the 4th quarter valued at about $585,000. GAMMA Investing LLC lifted its holdings in shares of Fortinet by 18.9% in the 1st quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker’s stock valued at $1,928,000 after acquiring an additional 3,189 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of Fortinet by 134.2% in the 1st quarter. Golden State Wealth Management LLC now owns 1,145 shares of the software maker’s stock valued at $110,000 after acquiring an additional 656 shares during the last quarter. Finally, Perigon Wealth Management LLC lifted its holdings in shares of Fortinet by 3.8% in the 1st quarter. Perigon Wealth Management LLC now owns 14,860 shares of the software maker’s stock valued at $1,430,000 after acquiring an additional 538 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FTNT. Stifel Nicolaus reduced their price objective on shares of Fortinet from $95.00 to $85.00 and set a “hold” rating on the stock in a research report on Thursday, August 7th. UBS Group reduced their price objective on shares of Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Truist Financial reduced their price objective on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, August 7th. KeyCorp lowered shares of Fortinet from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 7th. Finally, DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $97.03.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $85.56 on Friday. The firm has a market cap of $65.56 billion, a PE ratio of 34.09, a price-to-earnings-growth ratio of 3.22 and a beta of 1.09. The firm’s 50 day simple moving average is $81.97 and its 200-day simple moving average is $93.97. Fortinet, Inc. has a one year low of $70.12 and a one year 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.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 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%. The company’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same period last year, the company posted $0.57 earnings per share. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling

In other news, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction that occurred 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 directly owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 158,486 shares of the firm’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 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

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.