Kaufman Rossin Wealth LLC Has $809,000 Stake in Fortinet, Inc. $FTNT

Kaufman Rossin Wealth LLC boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 259.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,404 shares of the software maker’s stock after acquiring an additional 6,064 shares during the period. Fortinet makes up approximately 0.6% of Kaufman Rossin Wealth LLC’s holdings, making the stock its 22nd largest holding. Kaufman Rossin Wealth LLC’s holdings in Fortinet were worth $809,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of FTNT. Ritholtz Wealth Management increased its holdings in Fortinet by 38.4% in the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker’s stock valued at $654,000 after buying an additional 1,885 shares during the period. Dynamic Advisor Solutions LLC acquired a new stake in shares of Fortinet during the 1st quarter valued at about $216,000. Wealth Enhancement Advisory Services LLC increased its stake in Fortinet by 40.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker’s stock valued at $12,650,000 after acquiring an additional 38,080 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Fortinet by 14.9% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker’s stock valued at $11,763,000 after acquiring an additional 16,139 shares during the period. Finally, GAMMA Investing LLC raised its position in Fortinet by 18.9% in the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker’s stock worth $1,928,000 after purchasing an additional 3,189 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 1.9%

FTNT opened at $79.61 on Thursday. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The company has a market cap of $61.00 billion, a price-to-earnings ratio of 31.72, a price-to-earnings-growth ratio of 2.96 and a beta of 1.07. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The firm has a 50 day simple moving average of $97.88 and a 200 day simple moving average of $100.47.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 111.46% and a net margin of 30.60%.The firm’s revenue was up 13.6% on a year-over-year basis. During the same period last year, the company earned $0.57 EPS. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 158,486 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 value of $15,607,701.28. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the sale, 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 company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FTNT. Rosenblatt Securities reissued a “neutral” rating and set a $85.00 price objective (down from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Wolfe Research initiated coverage on Fortinet in a research note on Monday, May 12th. They issued a “peer perform” rating on the stock. JPMorgan Chase & Co. cut their price target on Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. Mizuho lowered their price objective on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a research report on Thursday, August 7th. Finally, Morgan Stanley downgraded shares of Fortinet from an “overweight” rating to a “reduce” rating and dropped their target price for the stock from $110.00 to $78.00 in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $97.40.

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.