M3 Advisory Group LLC Invests $213,000 in Fortinet, Inc. (NASDAQ:FTNT)

M3 Advisory Group LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,743 shares of the software maker’s stock, valued at approximately $213,000.

A number of other large investors also recently modified their holdings of the business. Claro Advisors LLC bought a new position in Fortinet in the 3rd quarter valued at about $162,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Fortinet by 1.5% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 240,059 shares of the software maker’s stock valued at $18,617,000 after acquiring an additional 3,517 shares during the period. TruWealth Advisors LLC increased its stake in shares of Fortinet by 6.0% during the third quarter. TruWealth Advisors LLC now owns 8,573 shares of the software maker’s stock valued at $665,000 after acquiring an additional 487 shares during the period. Marshall Financial Group LLC bought a new stake in Fortinet during the third quarter worth approximately $205,000. Finally, Bleakley Financial Group LLC lifted its position in Fortinet by 4.8% in the third quarter. Bleakley Financial Group LLC now owns 8,659 shares of the software maker’s stock worth $672,000 after purchasing an additional 399 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

FTNT stock traded down $0.24 during midday trading on Friday, hitting $80.62. The stock had a trading volume of 533,635 shares, compared to its average volume of 5,518,042. The stock has a 50-day simple moving average of $76.55 and a 200 day simple moving average of $66.57. The firm has a market capitalization of $61.59 billion, a price-to-earnings ratio of 52.85, a P/E/G ratio of 2.84 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $83.77. 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 (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the firm earned $0.31 earnings per share. The business’s revenue was up 10.9% on a year-over-year basis. As a group, equities research analysts anticipate that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FTNT. Robert W. Baird upped their price objective on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. upped their price target 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. Morgan Stanley lowered their price objective on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. BMO Capital Markets increased their target price on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. Finally, Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average price target of $72.71.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the company’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 transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were 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 of the company’s stock, valued at $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated 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 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 95,250 shares of company stock worth $6,790,149. 18.00% of the stock is currently owned by corporate insiders.

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.