Moss Adams Wealth Advisors LLC purchased a new position in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,107 shares of the software maker’s stock, valued at approximately $223,000.
Other institutional investors have also recently bought and sold shares of the company. SJS Investment Consulting Inc. increased its position in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after buying an additional 225 shares during the last quarter. Saudi Central Bank acquired a new position in Fortinet during the first quarter worth approximately $25,000. Clearstead Trust LLC acquired a new position in Fortinet during the first quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd increased its position in Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after buying an additional 284 shares during the last quarter. Finally, ORG Partners LLC increased its position in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after buying an additional 112 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.
Fortinet Trading Up 0.4%
Shares of FTNT stock opened at $84.65 on Tuesday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The stock has a market cap of $64.86 billion, a P/E ratio of 33.73, a price-to-earnings-growth ratio of 3.18 and a beta of 1.13. The stock has a 50 day simple moving average of $84.91 and a 200 day simple moving average of $95.38. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82.
Insider Activity at Fortinet
In other Fortinet news, CEO Ken Xie sold 158,486 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 476,596 shares of the company’s stock in a transaction on 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 sale, the vice president owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 18.00% of the company’s stock.
Analyst Ratings Changes
FTNT has been the topic of a number of recent analyst reports. Mizuho lowered their price target on Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a research report on Thursday, August 7th. Wells Fargo & Company reduced their price objective on Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a report on Thursday, August 7th. Citigroup restated a “neutral” rating and set a $85.00 price objective (down previously from $110.00) on shares of Fortinet in a report on Monday, August 18th. Stifel Nicolaus reduced their price objective on Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a report on Thursday, August 7th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a report 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 assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $97.03.
View Our Latest Stock Report on FTNT
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.
See Also
- Five stocks we like better than Fortinet
- What Are Earnings Reports?
- Tesla Earnings Loom: Bulls Eye $600, Bears Warn of $300
- The Role Economic Reports Play in a Successful Investment Strategy
- Cathie Wood Buys Alibaba and Baidu: Momentum or More Value Ahead?
- NYSE Stocks Give Investors a Variety of Quality OptionsĀ
- This ETF Weeds Out Small-Cap Underperformers
Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT – Free Report).
Receive News & Ratings for Fortinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortinet and related companies with MarketBeat.com's FREE daily email newsletter.