Transform Wealth LLC Raises Stake in Fortinet, Inc. (NASDAQ:FTNT)

Transform Wealth LLC increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 3.3% in the first quarter, Holdings Channel.com reports. The firm owned 133,887 shares of the software maker’s stock after acquiring an additional 4,291 shares during the period. Transform Wealth LLC’s holdings in Fortinet were worth $9,146,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Rise Advisors LLC boosted its position in 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 acquiring an additional 217 shares in the last quarter. Vima LLC bought a new stake in Fortinet in the 4th quarter worth approximately $25,000. Atwood & Palmer Inc. purchased a new position in Fortinet in the fourth quarter worth about $29,000. Headinvest LLC purchased a new position in Fortinet during the third quarter valued at $29,000. Finally, Creekmur Asset Management LLC purchased a new stake in Fortinet in the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, CEO Ken Xie sold 23,992 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at $3,150,776,958. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Ken Xie sold 23,992 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at $3,150,776,958. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 586 shares of the stock in a transaction dated Thursday, June 6th. The stock was acquired at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the transaction, the director now directly owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. Over the last three months, insiders sold 91,638 shares of company stock valued at $5,705,568. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on FTNT. Robert W. Baird dropped their price target on Fortinet from $81.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Morgan Stanley lowered their price objective on Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Tuesday, June 11th. Royal Bank of Canada lowered their target price on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a report on Friday, May 3rd. Finally, Guggenheim reissued a “buy” rating and issued a $81.00 price objective on shares of Fortinet in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $70.03.

Fortinet Price Performance

Fortinet stock traded up $0.66 during trading on Friday, reaching $60.70. The company had a trading volume of 1,920,480 shares, compared to its average volume of 5,867,360. The firm’s 50-day simple moving average is $60.65 and its 200 day simple moving average is $63.61. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The firm has a market capitalization of $46.37 billion, a PE ratio of 39.24, a price-to-earnings-growth ratio of 2.84 and a beta of 0.98. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period last year, the company earned $0.29 EPS. As a group, equities research analysts anticipate that Fortinet, Inc. will post 1.46 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.