Transform Wealth LLC Has $551,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Transform Wealth LLC lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 34.5% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 7,109 shares of the software maker’s stock after selling 3,752 shares during the quarter. Transform Wealth LLC’s holdings in Fortinet were worth $551,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Winthrop Capital Management LLC acquired a new position in shares of Fortinet in the first quarter valued at about $25,000. Rise Advisors LLC boosted its holdings in Fortinet by 135.6% in 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. Oakworth Capital Inc. acquired a new position in shares of Fortinet during the 2nd quarter worth approximately $33,000. Versant Capital Management Inc raised its position in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after buying an additional 238 shares in the last quarter. Finally, City State Bank boosted its stake in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction 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 transaction, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 95,250 shares of company stock worth $6,790,149 over the last three months. 18.00% of the stock is owned by company insiders.

Fortinet Trading Down 0.6 %

NASDAQ FTNT opened at $82.12 on Thursday. The firm has a market capitalization of $62.73 billion, a PE ratio of 53.67, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00. The business’s 50-day moving average price is $76.30 and its two-hundred day moving average price is $66.47. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $83.77.

Fortinet (NASDAQ:FTNT) last announced its 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 business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm’s revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 earnings per share. On average, analysts expect that Fortinet, Inc. will post 1.74 EPS for the current year.

Analysts Set New Price Targets

FTNT has been the subject of several analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Wednesday, August 7th. Royal Bank of Canada boosted 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. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a research note on Thursday, August 8th. JPMorgan Chase & Co. boosted their target price on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Morgan Stanley cut their price target on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, July 17th. Twenty-three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $72.64.

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.