Fifth Third Wealth Advisors LLC boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 2.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,106 shares of the software maker’s stock after purchasing an additional 138 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Fortinet were worth $751,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares during the period. Invesco Ltd. lifted its position in Fortinet by 2.2% during the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock valued at $824,999,000 after purchasing an additional 181,835 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Fortinet by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after purchasing an additional 1,026,277 shares during the period. Northern Trust Corp lifted its position in Fortinet by 0.8% during the first quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock valued at $627,573,000 after purchasing an additional 49,238 shares during the period. Finally, AQR Capital Management LLC lifted its position in Fortinet by 40.9% during the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after purchasing an additional 1,733,670 shares during the period. Institutional investors own 83.71% of the company’s stock.
Insider Transactions at Fortinet
In related news, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction dated Monday, August 4th. The shares were 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 owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction dated 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 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 position. The disclosure for this sale can be found here. Company insiders own 18.00% of the company’s stock.
Analysts Set New Price Targets
Read Our Latest Research Report on Fortinet
Fortinet Stock Performance
Fortinet stock opened at $83.06 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The firm has a market capitalization of $63.64 billion, a P/E ratio of 33.09, a price-to-earnings-growth ratio of 3.13 and a beta of 1.09. The company’s 50-day moving average is $81.72 and its 200 day moving average is $94.52.
Fortinet (NASDAQ:FTNT – Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the company posted $0.57 EPS. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. Research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.
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.
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