Resonant Capital Advisors LLC Purchases 415 Shares of Fortinet, Inc. $FTNT

Resonant Capital Advisors LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 13.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,541 shares of the software maker’s stock after buying an additional 415 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Fortinet were worth $374,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in FTNT. Saudi Central Bank bought a new stake in shares of Fortinet in the first quarter valued at about $25,000. Clearstead Trust LLC bought a new stake in Fortinet in the 1st quarter valued at about $28,000. Caitong International Asset Management Co. Ltd grew its position in shares of 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 in the last quarter. Wayfinding Financial LLC bought a new position in shares of Fortinet during the first quarter worth approximately $36,000. Finally, Mechanics Financial Corp acquired a new stake in shares of Fortinet in the first quarter valued at approximately $36,000. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on FTNT. Evercore ISI reduced their price target on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a research report on Friday, August 8th. Barclays decreased their price target on Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. JPMorgan Chase & Co. dropped their price target on Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. BMO Capital Markets reduced their price objective on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research note on Thursday, August 7th. Finally, UBS Group dropped their target price on shares of Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $97.03.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the company’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 $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. This represents a 4.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 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. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Stock Down 0.3%

FTNT stock opened at $85.29 on Tuesday. The firm has a 50-day moving average price of $82.06 and a 200-day moving average price of $93.83. 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 has a market capitalization of $65.36 billion, a P/E ratio of 33.98, a price-to-earnings-growth ratio of 3.22 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 company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm’s revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 EPS. As a group, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.