Warther Private Wealth LLC Purchases 9,255 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Warther Private Wealth LLC raised its position in Fortinet, Inc. (NASDAQ:FTNT) by 8.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 114,150 shares of the software maker’s stock after acquiring an additional 9,255 shares during the quarter. Fortinet makes up 3.1% of Warther Private Wealth LLC’s investment portfolio, making the stock its 16th largest position. Warther Private Wealth LLC’s holdings in Fortinet were worth $8,852,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of FTNT. Eastern Bank bought a new stake in Fortinet during the 3rd quarter valued at approximately $25,000. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet in the 1st quarter worth about $25,000. City State Bank increased its stake in shares of Fortinet by 900.0% in the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares in the last quarter. Oakworth Capital Inc. purchased a new position in Fortinet during the 2nd quarter valued at about $33,000. Finally, Paladin Wealth LLC bought a new stake in Fortinet during the third quarter worth about $46,000. 83.71% of the stock is owned by institutional investors.

Insider Activity

In related news, VP Michael Xie sold 24,712 shares of the 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 completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred 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 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 represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 95,250 shares of company stock worth $6,790,149. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Up 0.7 %

NASDAQ FTNT opened at $81.17 on Friday. The stock has a 50 day moving average price of $77.52 and a 200-day moving average price of $66.98. Fortinet, Inc. has a one year low of $44.12 and a one year high of $83.77. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The company has a market capitalization of $62.01 billion, a P/E ratio of 52.69, a P/E/G ratio of 2.84 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the previous year, the business earned $0.31 earnings per share. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. As a group, equities analysts predict that Fortinet, Inc. will post 1.74 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their target price on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Morgan Stanley lowered their price objective on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. Robert W. Baird increased their target price on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Wells Fargo & Company lifted their price target on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Finally, StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $73.25.

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.