Kathleen S. Wright Associates Inc. Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Kathleen S. Wright Associates Inc. purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 836 shares of the software maker’s stock, valued at approximately $65,000.

Other large investors have also made changes to their positions in the company. Winthrop Capital Management LLC bought a new stake in Fortinet in the first quarter worth approximately $25,000. Rise Advisors LLC raised its stake in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares during the period. Vima LLC purchased a new stake in shares of Fortinet in the 4th quarter valued at about $25,000. City State Bank increased its position in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares during the last quarter. Finally, Oakworth Capital Inc. bought a new stake in Fortinet in the second quarter worth $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Trading Down 0.5 %

Shares of FTNT traded down $0.39 during mid-day trading on Monday, reaching $82.48. The stock had a trading volume of 1,173,489 shares, compared to its average volume of 5,557,265. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The business’s fifty day moving average is $74.98 and its 200 day moving average is $66.16. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $83.77. The firm has a market cap of $63.01 billion, a price-to-earnings ratio of 54.16, a P/E/G ratio of 2.84 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.31 EPS. On average, sell-side analysts predict that Fortinet, Inc. will post 1.74 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft lifted their price objective on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Royal Bank of Canada increased their price target on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. boosted their price target on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Finally, Barclays upped their price objective on shares of Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, October 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $72.64.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the business’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 value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,943 shares of company stock worth $4,881,539. 18.00% of the stock is currently owned by company insiders.

Fortinet Company 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.