Mattson Financial Services LLC Buys New Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Mattson Financial Services LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, Holdings Channel reports. The fund bought 6,948 shares of the software maker’s stock, valued at approximately $419,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Peapack Gladstone Financial Corp purchased a new position in Fortinet in the fourth quarter valued at about $200,000. Belpointe Asset Management LLC raised its position in Fortinet by 52.4% in the fourth quarter. Belpointe Asset Management LLC now owns 11,659 shares of the software maker’s stock valued at $682,000 after purchasing an additional 4,009 shares during the period. Lake Street Advisors Group LLC purchased a new position in Fortinet in the fourth quarter valued at about $263,000. Tower Research Capital LLC TRC raised its position in Fortinet by 76.5% in the fourth quarter. Tower Research Capital LLC TRC now owns 115,667 shares of the software maker’s stock valued at $6,770,000 after purchasing an additional 50,139 shares during the period. Finally, Morningstar Investment Services LLC raised its position in Fortinet by 105.5% in the fourth quarter. Morningstar Investment Services LLC now owns 7,770 shares of the software maker’s stock valued at $462,000 after purchasing an additional 3,989 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other 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 transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now directly owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other 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 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 $608,626,179.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The disclosure for this sale can be found here. Over the last three months, insiders sold 96,210 shares of company stock worth $6,337,801. Company insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the topic of several research reports. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. UBS Group raised their price objective on Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their target price on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research report on Thursday, August 8th. Finally, Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Twenty-three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $71.57.

Fortinet Stock Performance

Shares of FTNT stock opened at $76.98 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The business has a 50 day moving average of $71.88 and a two-hundred day moving average of $65.60. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $78.50. The company has a market cap of $58.81 billion, a P/E ratio of 50.31, a PEG ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the firm posted $0.31 earnings per share. Fortinet’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, analysts anticipate that Fortinet, Inc. will post 1.72 EPS for the current year.

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.