Fiduciary Financial Group LLC Buys 281 Shares of Fortinet, Inc. $FTNT

Fiduciary Financial Group LLC increased its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.8% during the 2nd quarter, Holdings Channel.com reports. The firm owned 4,390 shares of the software maker’s stock after acquiring an additional 281 shares during the quarter. Fiduciary Financial Group LLC’s holdings in Fortinet were worth $450,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FTNT. Vanguard Group Inc. grew its stake in shares of Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Fortinet by 11,349.3% in the first quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker’s stock valued at $185,551,000 after buying an additional 1,910,771 shares during the period. AQR Capital Management LLC lifted its holdings in Fortinet by 40.9% in the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after buying an additional 1,733,670 shares during the period. Nuveen LLC acquired a new position in Fortinet in the first quarter valued at approximately $153,576,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Fortinet by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after buying an additional 1,026,277 shares during the period. 83.71% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Michael Xie sold 476,596 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 $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. This trade represents a 4.67% decrease in their position. 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 Fortinet stock in a transaction dated 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 directly owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This trade represents 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.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Barclays cut their target price on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday, August 7th. BMO Capital Markets cut their target price on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a report on Thursday, August 7th. Wells Fargo & Company cut their target price on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a report on Thursday, August 7th. Truist Financial cut their target price on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Finally, Cowen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $97.03.

Fortinet Stock Down 1.5%

Fortinet stock opened at $79.68 on Friday. The company has a market cap of $61.06 billion, a P/E ratio of 31.75, a price-to-earnings-growth ratio of 3.05 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 fifty day simple moving average of $89.66 and a 200 day simple moving average of $96.85. 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 released 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 the consensus estimate of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.57 earnings per share. Research analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.