KCM Investment Advisors LLC Purchases 2,630 Shares of Fortinet, Inc. (NASDAQ:FTNT)

KCM Investment Advisors LLC boosted its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 43,070 shares of the software maker’s stock after purchasing an additional 2,630 shares during the period. KCM Investment Advisors LLC’s holdings in Fortinet were worth $2,596,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. TFO Wealth Partners LLC boosted its position in Fortinet by 72,668.0% during the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock valued at $1,065,000 after purchasing an additional 18,167 shares during the last quarter. LGT Group Foundation boosted its position in Fortinet by 14.4% during the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after purchasing an additional 94,475 shares during the last quarter. Y.D. More Investments Ltd lifted its position in shares of Fortinet by 101.4% in the fourth quarter. Y.D. More Investments Ltd now owns 61,964 shares of the software maker’s stock valued at $3,627,000 after buying an additional 31,198 shares during the last quarter. Sanibel Captiva Trust Company Inc. acquired a new stake in shares of Fortinet in the fourth quarter valued at approximately $10,394,000. Finally, Janney Montgomery Scott LLC lifted its position in shares of Fortinet by 121.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 244,879 shares of the software maker’s stock valued at $14,333,000 after buying an additional 134,265 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Susquehanna raised their price objective on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research report on Wednesday, August 7th. Robert W. Baird raised their price objective on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, Barclays dropped their price target on Fortinet from $75.00 to $70.00 and set an “equal weight” rating for the company in a report on Thursday, July 11th. Twenty-four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $71.31.

Fortinet Stock Up 0.6 %

Shares of FTNT stock opened at $76.71 on Friday. The firm has a market capitalization of $58.60 billion, a P/E ratio of 50.14, a P/E/G ratio of 2.79 and a beta of 0.98. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $77.18. The stock’s fifty day simple moving average is $64.06 and its 200 day simple moving average is $64.53.

Fortinet (NASDAQ:FTNT) last announced its 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. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 EPS. As a group, equities research analysts expect that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated 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 directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the transaction, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at approximately $2,901,640,012.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,608 shares of company stock valued at $7,132,649. 18.00% of the stock is currently owned by company insiders.

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.