Alaethes Wealth LLC Has $1.61 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Alaethes Wealth LLC lifted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 26,783 shares of the software maker’s stock after purchasing an additional 798 shares during the period. Alaethes Wealth LLC’s holdings in Fortinet were worth $1,614,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Vima LLC bought a new stake in Fortinet in the fourth quarter valued at approximately $25,000. Winthrop Capital Management LLC bought a new stake in shares of Fortinet during the first quarter worth approximately $25,000. Rise Advisors LLC increased its stake in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new stake in Fortinet during the 4th quarter worth approximately $32,000. Finally, Oakworth Capital Inc. bought a new stake in Fortinet in the 2nd quarter valued at $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other Fortinet news, 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 transaction, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the transaction, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was 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 in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 96,210 shares of company stock worth $6,337,801. Company insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FTNT. Robert W. Baird lifted their target price on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. BMO Capital Markets raised 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. Royal Bank of Canada boosted their price target on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. Finally, Wedbush restated an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a research report on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $71.57.

Fortinet Price Performance

FTNT opened at $76.78 on Friday. The stock has a market capitalization of $58.66 billion, a P/E ratio of 50.18, a PEG ratio of 2.77 and a beta of 1.00. 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 $78.08. The stock has a 50-day moving average price of $68.88 and a 200-day moving average price of $65.25.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm posted $0.31 earnings per share. The business’s revenue was up 10.9% compared to the same quarter last year. Equities analysts predict that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

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.