Brookwood Investment Group LLC Purchases Shares of 1,993 Fortinet, Inc. $FTNT

Brookwood Investment Group LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,993 shares of the software maker’s stock, valued at approximately $211,000.

Several other institutional investors have also recently added to or reduced their stakes in FTNT. Dover Advisors LLC lifted its stake in Fortinet by 1.0% during the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock worth $999,000 after purchasing an additional 94 shares in the last quarter. Balboa Wealth Partners raised its holdings in shares of Fortinet by 4.3% in the 2nd quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after buying an additional 96 shares during the period. Hemington Wealth Management lifted its stake in Fortinet by 13.2% during the 2nd quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after acquiring an additional 99 shares in the last quarter. Peloton Wealth Strategists boosted its holdings in Fortinet by 2.4% during the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock valued at $417,000 after acquiring an additional 100 shares during the period. Finally, Trust Co. of Vermont grew its position in Fortinet by 3.6% in the 2nd quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock valued at $302,000 after acquiring an additional 100 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity

In other news, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction 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 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. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several research reports. BMO Capital Markets reduced their price target on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research report on Thursday, August 7th. KeyCorp downgraded shares of Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Cowen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 7th. DZ Bank upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Friday, August 8th. Finally, Citigroup lowered Fortinet from a “neutral” rating to a “mixed” rating in a research report on Monday, October 20th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $97.03.

Fortinet Price Performance

Fortinet stock opened at $84.22 on Thursday. The stock has a market cap of $64.54 billion, a P/E ratio of 33.55, a price-to-earnings-growth ratio of 3.24 and a beta of 1.09. The company has a fifty day simple moving average of $82.31 and a 200-day simple moving average of $93.66. 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.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion for 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%.Fortinet’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.57 earnings per share. Equities analysts expect 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.