Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by Aptus Capital Advisors LLC

Aptus Capital Advisors LLC boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 16.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,344 shares of the software maker’s stock after acquiring an additional 752 shares during the quarter. Aptus Capital Advisors LLC’s holdings in Fortinet were worth $322,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FTNT. Winthrop Capital Management LLC purchased a new stake in Fortinet during the 1st quarter worth $25,000. Rise Advisors LLC grew 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 valued at $26,000 after acquiring an additional 217 shares in the last quarter. Vima LLC purchased a new stake in shares of Fortinet during the fourth quarter worth about $25,000. Oakworth Capital Inc. acquired a new position in shares of Fortinet in the second quarter worth about $33,000. Finally, Creekmur Asset Management LLC purchased a new position in Fortinet in the fourth quarter valued at about $32,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. upped their target price on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Wells Fargo & Company increased their price objective on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Hsbc Global Res raised shares of Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 target price on the stock in a research note on Wednesday, August 7th. Finally, Barclays decreased their price target on Fortinet from $75.00 to $70.00 and set an “equal weight” rating for the company in a research note on Thursday, July 11th. Twenty-four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $71.31.

Fortinet Trading Up 0.5 %

Shares of NASDAQ:FTNT opened at $77.13 on Wednesday. The firm has a market cap of $59.00 billion, a P/E ratio of 50.41, a P/E/G ratio of 2.77 and a beta of 0.98. 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 twelve month low of $44.12 and a twelve month high of $78.08. The company has a 50 day moving average of $64.80 and a 200-day moving average of $64.55.

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

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $59.53, for a total value of $1,442,709.55. Following the sale, the chief executive officer now directly owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction on 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 in the company, valued at approximately $2,901,640,012.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on 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 sale, the vice president now directly 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. In the last three months, insiders sold 96,907 shares of company stock valued at $6,016,573. 18.00% of the stock is owned by insiders.

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.