Patriot Financial Group Insurance Agency LLC Grows Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Patriot Financial Group Insurance Agency LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 52.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 18,663 shares of the software maker’s stock after acquiring an additional 6,394 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Fortinet were worth $1,125,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of FTNT. TFO Wealth Partners LLC increased its stake in shares of Fortinet by 72,668.0% during the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after purchasing an additional 18,167 shares in the last quarter. LGT Group Foundation raised its stake in Fortinet by 14.4% in the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after purchasing an additional 94,475 shares during the last quarter. Y.D. More Investments Ltd lifted its holdings in Fortinet by 101.4% in the 4th quarter. Y.D. More Investments Ltd now owns 61,964 shares of the software maker’s stock valued at $3,627,000 after purchasing an additional 31,198 shares in the last quarter. Sanibel Captiva Trust Company Inc. acquired a new stake in Fortinet during the 4th quarter worth $10,394,000. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Fortinet by 121.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 244,879 shares of the software maker’s stock worth $14,333,000 after buying an additional 134,265 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Down 0.5 %

Fortinet stock traded down $0.37 during trading on Wednesday, reaching $75.60. The stock had a trading volume of 623,314 shares, compared to its average volume of 5,794,982. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $76.31. The stock has a market cap of $57.75 billion, a PE ratio of 49.58, a P/E/G ratio of 2.79 and a beta of 0.98. The business has a 50 day moving average price of $63.01 and a 200 day moving average price of $64.32.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.31 EPS. On average, equities analysts predict that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insider Activity

In other Fortinet news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,608 shares of company stock worth $7,132,649. 18.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

FTNT has been the subject of a number of recent research reports. Truist Financial cut their price objective on shares of Fortinet from $80.00 to $70.00 and set a “buy” rating for the company in a report on Friday, May 3rd. Robert W. Baird lifted their price objective on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Evercore ISI lowered their price objective on Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a research note on Friday, May 3rd. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Finally, StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a report on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $71.31.

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.