Surience Private Wealth LLC Takes Position in Fortinet, Inc. $FTNT

Surience Private Wealth LLC bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, Holdings Channel reports. The firm bought 39,373 shares of the software maker’s stock, valued at approximately $4,163,000. Fortinet accounts for 3.9% of Surience Private Wealth LLC’s investment portfolio, making the stock its 6th largest position.

Several other hedge funds have also recently bought and sold shares of FTNT. Geneos Wealth Management Inc. increased its position in shares of Fortinet by 40.7% in the first quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker’s stock worth $7,045,000 after acquiring an additional 21,177 shares in the last quarter. Ritholtz Wealth Management increased its holdings in Fortinet by 38.4% in the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker’s stock valued at $654,000 after purchasing an additional 1,885 shares in the last quarter. Gould Capital LLC purchased a new position in Fortinet in the first quarter valued at about $908,000. Dynamic Advisor Solutions LLC acquired a new position in shares of Fortinet during the first quarter worth about $216,000. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Fortinet by 40.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker’s stock worth $12,650,000 after buying an additional 38,080 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on Monday, August 4th. The shares were 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. The trade was a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 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 sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

Fortinet Price Performance

Shares of FTNT stock opened at $83.60 on Thursday. The firm has a fifty day moving average of $86.22 and a two-hundred day moving average of $95.65. The firm has a market cap of $64.06 billion, a P/E ratio of 33.31, a P/E/G ratio of 3.22 and a beta of 1.12. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. 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 (NASDAQ:FTNT) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The business 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 company’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.57 EPS. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. TD Cowen reiterated a “hold” rating and set a $105.00 target price on shares of Fortinet in a report on Thursday, August 7th. Cantor Fitzgerald boosted their target price on shares of Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 16th. KeyCorp lowered shares of Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 7th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $85.00 price target (down previously from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Finally, Truist Financial decreased their price objective on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, August 7th. Two 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 given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $97.03.

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.