Chicago Partners Investment Group LLC Grows Position in Fortinet, Inc. $FTNT

Chicago Partners Investment Group LLC grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 17.2% during the 2nd quarter, HoldingsChannel reports. The firm owned 4,067 shares of the software maker’s stock after buying an additional 597 shares during the quarter. Chicago Partners Investment Group LLC’s holdings in Fortinet were worth $427,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. International Assets Investment Management LLC lifted its position in shares of Fortinet by 4.8% during the 2nd quarter. International Assets Investment Management LLC now owns 3,360 shares of the software maker’s stock valued at $355,000 after buying an additional 153 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Fortinet during the 2nd quarter valued at approximately $46,998,000. CapWealth Advisors LLC lifted its position in shares of Fortinet by 77.2% during the 2nd quarter. CapWealth Advisors LLC now owns 121,624 shares of the software maker’s stock valued at $12,858,000 after buying an additional 52,989 shares in the last quarter. Quotient Wealth Partners LLC lifted its position in shares of Fortinet by 14.4% during the 2nd quarter. Quotient Wealth Partners LLC now owns 2,840 shares of the software maker’s stock valued at $300,000 after buying an additional 357 shares in the last quarter. Finally, Aspiriant LLC purchased a new position in shares of Fortinet during the 2nd quarter valued at approximately $228,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, VP Michael Xie sold 476,596 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 158,486 shares of the company’s 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 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 trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FTNT shares. TD Cowen reiterated a “hold” rating and set a $105.00 target price on shares of Fortinet in a research report on Thursday, August 7th. BMO Capital Markets decreased their target price on Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research report on Thursday, August 7th. Erste Group Bank downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. KeyCorp downgraded Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Finally, UBS Group reduced their price objective on Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average price target of $97.03.

Fortinet Stock Performance

NASDAQ FTNT opened at $84.66 on Thursday. The company has a market cap of $64.87 billion, a P/E ratio of 33.73, a P/E/G ratio of 3.19 and a beta of 1.09. 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 stock has a 50-day moving average of $81.69 and a two-hundred day moving average of $93.97. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.57 EPS. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

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.