Fairscale Capital LLC Takes $104,000 Position in Fortinet, Inc. (NASDAQ:FTNT)

Fairscale Capital LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, HoldingsChannel reports. The firm acquired 1,749 shares of the software maker’s stock, valued at approximately $104,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vima LLC bought a new position in Fortinet during the 4th quarter worth about $25,000. Winthrop Capital Management LLC bought a new stake in shares of Fortinet in the first quarter valued at about $25,000. Rise Advisors LLC boosted its position 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 buying an additional 217 shares during the period. Creekmur Asset Management LLC bought a new position in shares of Fortinet during the fourth quarter worth about $32,000. Finally, Oakworth Capital Inc. acquired a new stake in Fortinet in the 2nd quarter valued at approximately $33,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Fortinet Stock Performance

FTNT opened at $76.78 on Monday. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The business has a fifty day simple moving average of $68.88 and a 200 day simple moving average of $65.18. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $78.08. The company has a market capitalization of $58.66 billion, a PE ratio of 50.18, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its quarterly 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. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the prior year, the company posted $0.31 earnings per share. Fortinet’s revenue was up 10.9% compared to the same quarter last year. Research analysts expect that Fortinet, Inc. will post 1.7 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FTNT. Scotiabank upped their price target on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 7th. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price for the company in a research report on Wednesday, August 7th. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised their price objective on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $71.57.

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.