Fortinet, Inc. $FTNT Holdings Raised by Leelyn Smith LLC

Leelyn Smith LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,824 shares of the software maker’s stock after purchasing an additional 147 shares during the quarter. Leelyn Smith LLC’s holdings in Fortinet were worth $1,673,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. CNB Bank raised its stake in shares of Fortinet by 225.0% during the second quarter. CNB Bank now owns 663 shares of the software maker’s stock valued at $70,000 after purchasing an additional 459 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in Fortinet by 3.6% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,766,816 shares of the software maker’s stock worth $186,788,000 after acquiring an additional 61,616 shares during the period. Moloney Securities Asset Management LLC grew its holdings in Fortinet by 130.7% during the second quarter. Moloney Securities Asset Management LLC now owns 9,171 shares of the software maker’s stock worth $970,000 after acquiring an additional 5,196 shares during the period. Bleakley Financial Group LLC acquired a new position in Fortinet during the second quarter worth about $1,088,000. Finally, Warther Private Wealth LLC grew its holdings in Fortinet by 39.7% during the second quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock worth $19,258,000 after acquiring an additional 51,750 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In other news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction dated 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 directly owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $15,607,701.28. Following the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.

Fortinet Trading Up 0.7%

NASDAQ:FTNT opened at $85.56 on Friday. 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 fifty-two week low of $70.12 and a fifty-two week high of $114.82. The stock’s 50-day moving average is $81.97 and its two-hundred day moving average is $93.93. The stock has a market cap of $65.56 billion, a PE ratio of 34.09, a price-to-earnings-growth ratio of 3.20 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results 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 analyst estimates of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm’s revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.57 EPS. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FTNT. Wells Fargo & Company lowered their target price on Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a report on Thursday, August 7th. Erste Group Bank cut Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 price target (down previously from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Barclays dropped their price target on Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 7th. Finally, Wall Street Zen cut Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average target price of $97.03.

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.