Lion Street Advisors LLC Has $1.92 Million Stake in Fortinet, Inc. $FTNT

Lion Street Advisors LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.0% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 18,192 shares of the software maker’s stock after selling 175 shares during the period. Lion Street Advisors LLC’s holdings in Fortinet were worth $1,923,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Cooper Financial Group acquired a new stake in shares of Fortinet during the 2nd quarter valued at $2,653,000. Mainstay Capital Management LLC ADV boosted its stake in shares of Fortinet by 105.8% during the 2nd quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock valued at $1,778,000 after buying an additional 8,643 shares during the period. Geneos Wealth Management Inc. boosted its stake in shares of Fortinet by 40.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker’s stock valued at $7,045,000 after buying an additional 21,177 shares during the period. Ritholtz Wealth Management boosted its stake in shares of Fortinet by 38.4% during the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker’s stock valued at $654,000 after buying an additional 1,885 shares during the period. Finally, Castle Rock Wealth Management LLC boosted its stake in shares of Fortinet by 85.8% during the 2nd quarter. Castle Rock Wealth Management LLC now owns 16,926 shares of the software maker’s stock valued at $1,807,000 after buying an additional 7,818 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 158,486 shares of the firm’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 directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 476,596 shares of the firm’s 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 approximately $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FTNT. DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research note on Friday, August 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. TD Cowen reaffirmed a “hold” rating and issued a $105.00 price objective on shares of Fortinet in a research note on Thursday, August 7th. Citigroup reaffirmed a “neutral” rating and issued a $85.00 price objective (down previously from $110.00) on shares of Fortinet in a research note on Monday, August 18th. Finally, Scotiabank reduced their price objective on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $97.03.

Fortinet Price Performance

Shares of FTNT stock opened at $83.06 on Monday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The firm’s 50 day moving average is $81.72 and its 200-day moving average is $94.52. The firm has a market capitalization of $63.64 billion, a price-to-earnings ratio of 33.09, a PEG ratio of 3.13 and a beta of 1.09. 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 announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the business posted $0.57 earnings per share. Fortinet’s revenue was up 13.6% compared to the same quarter last year. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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.