International Assets Investment Management LLC Raises Holdings in Fortinet, Inc. $FTNT

International Assets Investment Management LLC raised its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,360 shares of the software maker’s stock after purchasing an additional 153 shares during the period. International Assets Investment Management LLC’s holdings in Fortinet were worth $355,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in FTNT. Brighton Jones LLC boosted its stake in Fortinet by 2.2% during the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after purchasing an additional 221 shares during the last quarter. Bison Wealth LLC purchased a new stake in Fortinet during the 4th quarter valued at $585,000. GAMMA Investing LLC boosted its stake in Fortinet by 18.9% during the 1st quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker’s stock valued at $1,928,000 after purchasing an additional 3,189 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in Fortinet by 13.3% during the 1st quarter. Oppenheimer & Co. Inc. now owns 41,138 shares of the software maker’s stock valued at $3,960,000 after purchasing an additional 4,845 shares during the last quarter. Finally, Valmark Advisers Inc. purchased a new stake in Fortinet during the 1st quarter valued at $202,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the business’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 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,486 shares of the business’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 value of $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. UBS Group dropped their price target on Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. DZ Bank upgraded Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research note on Friday, August 8th. Mizuho dropped their price target on Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a research note on Thursday, August 7th. KeyCorp downgraded Fortinet from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 7th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $85.00 target price (down from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Fortinet has an average rating of “Hold” and an average price target of $97.03.

Fortinet Trading Down 0.1%

Shares of FTNT stock opened at $84.66 on Thursday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month 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 stock’s 50-day moving average price is $81.69 and its 200-day moving average price is $93.97. The stock has a market capitalization of $64.87 billion, a price-to-earnings ratio of 33.73, a price-to-earnings-growth ratio of 3.19 and a beta of 1.09.

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