Belpointe Asset Management LLC Buys 2,335 Shares of Fortinet, Inc. $FTNT

Belpointe Asset Management LLC raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 36.9% during the 2nd quarter, Holdings Channel.com reports. The fund owned 8,655 shares of the software maker’s stock after acquiring an additional 2,335 shares during the period. Belpointe Asset Management LLC’s holdings in Fortinet were worth $915,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Saudi Central Bank purchased a new stake in shares of Fortinet during the 1st quarter valued at $25,000. Clearstead Trust LLC purchased a new stake in shares of Fortinet during the 1st quarter valued at $28,000. Caitong International Asset Management Co. Ltd increased its position in shares of Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after purchasing an additional 284 shares during the last quarter. ORG Partners LLC increased its position in shares of Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after purchasing an additional 112 shares during the last quarter. Finally, EQ Wealth Advisors LLC purchased a new stake in shares of Fortinet during the 1st quarter valued at $35,000. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on FTNT shares. Cantor Fitzgerald raised their target price on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday, July 16th. Barclays decreased their target price on Fortinet from $110.00 to $90.00 and set an “equal weight” rating for the company 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 for the company in a research report on Thursday, August 7th. BMO Capital Markets decreased their target price on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research report on Thursday, August 7th. Finally, Erste Group Bank lowered Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $97.03.

Fortinet Trading Up 1.8%

Shares of FTNT opened at $86.46 on Thursday. The business has a 50-day moving average of $82.28 and a 200 day moving average of $94.82. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The firm has a market cap of $66.25 billion, a P/E ratio of 34.45, a price-to-earnings-growth ratio of 3.20 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The business had revenue of $1.63 billion during 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%.The company’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.57 EPS. As a group, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction dated 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 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction dated Monday, August 4th. The shares were 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 of the company’s stock, valued at $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 owned by insiders.

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.