SeaCrest Wealth Management LLC Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

SeaCrest Wealth Management LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 4,236 shares of the software maker’s stock, valued at approximately $329,000.

A number of other institutional investors also recently modified their holdings of FTNT. Vanguard Group Inc. grew its position in Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after acquiring an additional 779,271 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB increased its position in Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares in the last quarter. Marshall Wace LLP lifted its stake in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock valued at $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $81.07 on Friday. The firm has a market capitalization of $61.93 billion, a P/E ratio of 52.99, a P/E/G ratio of 2.84 and a beta of 1.00. The firm’s 50-day moving average price is $76.78 and its 200-day moving average price is $66.66. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $83.77.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the business earned $0.31 EPS. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. Equities research analysts anticipate that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on FTNT shares. Rosenblatt Securities dropped their price target on Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, August 5th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a research note on Thursday, August 8th. Wedbush reaffirmed an “outperform” rating and issued a $78.00 price objective on shares of Fortinet in a research note on Wednesday, August 7th. TD Cowen lifted their target price on shares of Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Royal Bank of Canada upped their price target on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-three have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $72.71.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,250 shares of company stock worth $6,790,149 in the last ninety days. Corporate insiders own 18.00% 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.