Fortinet, Inc. $FTNT Shares Acquired by Geneos Wealth Management Inc.

Geneos Wealth Management Inc. boosted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 40.7% in the first quarter, Holdings Channel.com reports. The firm owned 73,186 shares of the software maker’s stock after acquiring an additional 21,177 shares during the period. Geneos Wealth Management Inc.’s holdings in Fortinet were worth $7,045,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in FTNT. SJS Investment Consulting Inc. grew 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 purchasing an additional 225 shares in the last quarter. Saudi Central Bank acquired a new stake in Fortinet in the first quarter valued at $25,000. Clearstead Trust LLC acquired a new position in shares of Fortinet in the 1st quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd boosted its holdings 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 worth $29,000 after purchasing an additional 284 shares during the period. Finally, ORG Partners LLC boosted its holdings in Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after purchasing an additional 112 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of NASDAQ FTNT opened at $80.25 on Wednesday. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $61.50 billion, a price-to-earnings ratio of 31.88, a PEG ratio of 3.04 and a beta of 1.13. The stock’s fifty day simple moving average is $91.12 and its 200 day simple moving average is $97.45. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations 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 in the previous year, the company posted $0.57 EPS. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction 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 transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on FTNT. Cantor Fitzgerald lifted their price objective on shares of Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, July 16th. Wedbush dropped their target price on Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. Wall Street Zen lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. UBS Group dropped their target price on Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. reduced their price target on Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Two equities 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 assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $97.03.

Fortinet Company 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.