Frank Rimerman Advisors LLC Raises Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Frank Rimerman Advisors LLC lifted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 37,340.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 11,232 shares of the software maker’s stock after purchasing an additional 11,202 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Fortinet were worth $677,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of FTNT. Quest Partners LLC bought a new stake in shares of Fortinet in the 4th quarter worth about $196,000. TCW Group Inc. purchased a new position in Fortinet in the fourth quarter worth about $611,000. Nomura Asset Management Co. Ltd. raised its position in Fortinet by 3.8% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 250,398 shares of the software maker’s stock valued at $14,656,000 after purchasing an additional 9,203 shares during the period. Hsbc Holdings PLC lifted its stake in shares of Fortinet by 30.2% in the 4th quarter. Hsbc Holdings PLC now owns 1,675,718 shares of the software maker’s stock valued at $98,080,000 after purchasing an additional 389,098 shares during the last quarter. Finally, United Services Automobile Association boosted its holdings in shares of Fortinet by 10.5% in the 4th quarter. United Services Automobile Association now owns 18,495 shares of the software maker’s stock worth $1,083,000 after purchasing an additional 1,758 shares during the period. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on FTNT. UBS Group increased their price target on Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Piper Sandler raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their target price on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Finally, Guggenheim downgraded Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Twenty-three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $71.57.

Fortinet Price Performance

Shares of FTNT opened at $77.44 on Tuesday. The company has a 50 day moving average of $69.23 and a two-hundred day moving average of $65.21. The company has a quick ratio of 1.22, a current ratio of 1.32 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 market cap of $59.16 billion, a price-to-earnings ratio of 50.61, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate 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 period in the previous year, the business earned $0.31 EPS. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, analysts predict that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,693 shares of the stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The disclosure for this sale can be found here. Insiders have sold a total of 96,210 shares of company stock worth $6,337,801 over the last 90 days. 18.00% of the stock is currently owned by corporate 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.