RFG Advisory LLC Has $2.81 Million Stake in Fortinet, Inc. $FTNT

RFG Advisory LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,573 shares of the software maker’s stock after acquiring an additional 1,455 shares during the quarter. RFG Advisory LLC’s holdings in Fortinet were worth $2,809,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of FTNT. Saudi Central Bank bought a new position in Fortinet during the 1st quarter worth $25,000. Clearstead Trust LLC bought a new position in Fortinet during the 1st quarter worth $28,000. Caitong International Asset Management Co. Ltd raised its position in Fortinet by 2,184.6% during the 1st 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 last quarter. ORG Partners LLC raised its position in Fortinet by 47.5% during the 1st 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 last quarter. Finally, EQ Wealth Advisors LLC bought a new position in Fortinet during the 1st quarter worth $35,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. UBS Group lowered their target price on Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Evercore ISI lowered their target price on Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research report on Friday, August 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Fortinet in a research report on Wednesday, October 8th. Citigroup reaffirmed a “neutral” rating and set a $85.00 target price (down from $110.00) on shares of Fortinet in a research report on Monday, August 18th. Finally, Morgan Stanley reissued an “underweight” rating and issued a $67.00 price objective (down from $78.00) on shares of Fortinet in a research report on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $97.03.

Fortinet Stock Performance

FTNT stock opened at $83.08 on Wednesday. The stock has a 50-day moving average price of $81.17 and a 200-day moving average price of $94.35. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. 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 firm has a market cap of $63.66 billion, a PE ratio of 33.10, a price-to-earnings-growth ratio of 3.17 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the previous year, the company posted $0.57 EPS. The firm’s revenue was up 13.6% compared to the same quarter last year. As a group, equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In related 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 sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 476,596 shares of the business’s stock in a transaction dated Monday, August 4th. The shares were 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 directly 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.

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.