Parallel Advisors LLC Buys 148 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Parallel Advisors LLC lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,504 shares of the software maker’s stock after buying an additional 148 shares during the quarter. Parallel Advisors LLC’s holdings in Fortinet were worth $452,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Vima LLC acquired a new stake in Fortinet in the fourth quarter worth about $25,000. Winthrop Capital Management LLC acquired a new stake in Fortinet in the first quarter worth about $25,000. Rise Advisors LLC increased its position in Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new stake in Fortinet in the fourth quarter worth about $32,000. Finally, Oakworth Capital Inc. acquired a new stake in Fortinet in the second quarter worth about $33,000. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Down 1.0 %

FTNT stock opened at $75.61 on Wednesday. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.08. The business’s 50 day moving average price is $67.59 and its two-hundred day moving average price is $65.03. 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 company has a market capitalization of $57.76 billion, a price-to-earnings ratio of 49.42, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping 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 firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the business earned $0.31 EPS. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, analysts forecast that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on FTNT shares. DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research report on Thursday, August 8th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Citigroup boosted their target price on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Morgan Stanley decreased their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. Finally, Scotiabank boosted their target price on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $71.57.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,712 shares of the 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 sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Ken Xie sold 23,693 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 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. Insiders have sold 72,672 shares of company stock worth $4,573,864 in the last 90 days. Insiders own 18.00% of the company’s stock.

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.