Sequoia Financial Advisors LLC Acquires 917 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Sequoia Financial Advisors LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 8.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,055 shares of the software maker’s stock after buying an additional 917 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Fortinet were worth $935,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of FTNT. Winthrop Capital Management LLC bought a new position in Fortinet during the 1st quarter valued at about $25,000. Oakworth Capital Inc. bought a new position in shares of Fortinet in the second quarter worth about $33,000. Versant Capital Management Inc grew its position in shares of Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after buying an additional 238 shares during the period. City State Bank grew its position in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares during the period. Finally, DT Investment Partners LLC grew its position in shares of Fortinet by 539.0% during the 2nd quarter. DT Investment Partners LLC now owns 671 shares of the software maker’s stock worth $40,000 after buying an additional 566 shares during the period. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related 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 value 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 trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 value of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,250 shares of company stock valued at $6,790,149. 18.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a report on Thursday, August 8th. Scotiabank boosted their price objective on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 7th. Robert W. Baird boosted their price objective on shares of Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Rosenblatt Securities cut their price objective on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. Finally, Mizuho lowered shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average target price of $73.25.

Fortinet Stock Performance

NASDAQ:FTNT opened at $80.34 on Friday. The firm has a market cap of $61.37 billion, a PE ratio of 52.51, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week 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 business has a 50 day moving average price of $77.64 and a 200-day moving average price of $67.06.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.31 earnings per share. Equities research analysts predict that Fortinet, Inc. will post 1.74 earnings per share for the current 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.