St. Johns Investment Management Company LLC Has $795,000 Position in Fortinet, Inc. $FTNT

St. Johns Investment Management Company LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 19.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 7,521 shares of the software maker’s stock after purchasing an additional 1,219 shares during the quarter. St. Johns Investment Management Company LLC’s holdings in Fortinet were worth $795,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Dover Advisors LLC grew its position in shares of Fortinet by 1.0% in the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after purchasing an additional 94 shares during the last quarter. Balboa Wealth Partners grew its position in shares of Fortinet by 4.3% in the second quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after purchasing an additional 96 shares during the last quarter. Hemington Wealth Management grew its position in shares of Fortinet by 13.2% in the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock valued at $89,000 after purchasing an additional 99 shares during the last quarter. Peloton Wealth Strategists grew its position in shares of Fortinet by 2.4% in the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock valued at $417,000 after purchasing an additional 100 shares during the last quarter. Finally, Trust Co. of Vermont grew its position in shares of Fortinet by 3.6% in the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock valued at $302,000 after purchasing an additional 100 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction that occurred 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 in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 158,486 shares of Fortinet 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 transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is owned by company insiders.

Fortinet Stock Down 0.1%

Shares of FTNT opened at $84.78 on Wednesday. The stock has a market cap of $64.96 billion, a price-to-earnings ratio of 33.78, a P/E/G ratio of 3.20 and a beta of 1.09. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The company has a 50-day moving average price of $81.58 and a two-hundred day moving average price of $94.04.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the company earned $0.57 earnings per share. Equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FTNT. Royal Bank Of Canada decreased their target price on Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 7th. Wall Street Zen downgraded Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. TD Cowen reissued a “hold” rating and set a $105.00 target price on shares of Fortinet in a research report on Thursday, August 7th. Scotiabank decreased their target price on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. decreased their target price on Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Two 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 issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $97.03.

About Fortinet

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.