Fortinet, Inc. $FTNT Shares Bought by Inspire Investing LLC

Inspire Investing LLC raised its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 24.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 98,265 shares of the software maker’s stock after purchasing an additional 19,136 shares during the period. Fortinet accounts for 1.1% of Inspire Investing LLC’s portfolio, making the stock its 12th largest holding. Inspire Investing LLC’s holdings in Fortinet were worth $10,389,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Dover Advisors LLC grew its holdings in Fortinet by 1.0% during 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. Peloton Wealth Strategists grew its stake 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 worth $417,000 after acquiring an additional 100 shares during the last quarter. Trust Co. of Vermont grew its stake 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 worth $302,000 after acquiring an additional 100 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Fortinet by 0.6% in the second quarter. Assenagon Asset Management S.A. now owns 17,841 shares of the software maker’s stock worth $1,886,000 after acquiring an additional 102 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. grew its stake in shares of Fortinet by 41.4% in the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after acquiring an additional 104 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 476,596 shares of Fortinet 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 completion of the transaction, the vice president directly owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $15,607,701.28. Following the completion of the sale, the chief executive officer 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 ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FTNT. Barclays lowered their price objective on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 7th. Wall Street Zen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. BMO Capital Markets reduced 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. Stifel Nicolaus reduced their target price on Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a research report on Thursday, August 7th. Finally, DZ Bank raised Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research report on Friday, August 8th. Two investment 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $97.03.

Fortinet Stock Down 3.6%

Shares of NASDAQ FTNT opened at $83.06 on Friday. The stock has a market cap of $63.64 billion, a PE ratio of 33.09, a PEG ratio of 3.25 and a beta of 1.09. The business has a fifty day moving average of $81.72 and a two-hundred day moving average of $94.60. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. 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 issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business’s revenue was up 13.6% on a year-over-year basis. During the same period last year, the business earned $0.57 earnings per share. As a group, equities research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.