Cwm LLC Increases Stake in Fortinet, Inc. $FTNT

Cwm LLC grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 6.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 142,127 shares of the software maker’s stock after buying an additional 8,933 shares during the quarter. Cwm LLC’s holdings in Fortinet were worth $15,026,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Dover Advisors LLC raised its position in shares of Fortinet by 1.0% during the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock worth $999,000 after acquiring an additional 94 shares in the last quarter. Hemington Wealth Management increased its position in Fortinet by 13.2% during the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after buying an additional 99 shares during the period. Peloton Wealth Strategists increased its position in Fortinet by 2.4% during the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after buying an additional 100 shares during the period. Trust Co. of Vermont increased its position in Fortinet by 3.6% during the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after buying an additional 100 shares during the period. Finally, Board of the Pension Protection Fund increased its position in Fortinet by 4.5% during the second quarter. Board of the Pension Protection Fund now owns 2,300 shares of the software maker’s stock worth $243,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Up 1.4%

Shares of FTNT stock opened at $84.20 on Tuesday. The business’s fifty day moving average price is $81.43 and its 200 day moving average price is $94.43. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The firm has a market capitalization of $64.52 billion, a PE ratio of 33.55, a P/E/G ratio of 3.13 and a beta of 1.09. 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 announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the company posted $0.57 earnings per share. Fortinet’s quarterly revenue was up 13.6% on a year-over-year basis. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on FTNT. Mizuho dropped their target price on Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a report on Thursday, August 7th. Wells Fargo & Company dropped 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. JPMorgan Chase & Co. dropped their target price on Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 target price (down previously from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Finally, KeyCorp lowered Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 7th. Two investment 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $97.03.

Insiders Place Their Bets

In related news, VP Michael Xie sold 476,596 shares of the company’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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 158,486 shares of the company’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company’s stock.

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.