Granite Bay Wealth Management LLC Invests $7.44 Million in Fortinet, Inc. (NASDAQ:FTNT)

Granite Bay Wealth Management LLC purchased a new position in Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 119,700 shares of the software maker’s stock, valued at approximately $7,443,000. Fortinet comprises about 0.3% of Granite Bay Wealth Management LLC’s investment portfolio, making the stock its 28th biggest holding.

A number of other hedge funds also recently bought and sold shares of the company. Vima LLC purchased a new position in Fortinet in the fourth quarter worth about $25,000. Winthrop Capital Management LLC bought a new stake in shares of Fortinet during the first quarter valued at approximately $25,000. Rise Advisors LLC raised its holdings in Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares during the last quarter. Creekmur Asset Management LLC bought a new position in Fortinet in the 4th quarter valued at approximately $32,000. Finally, Oakworth Capital Inc. purchased a new stake in Fortinet during the 2nd quarter valued at $33,000. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In related news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related 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 owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 96,210 shares of company stock worth $6,337,801. 18.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of research analyst reports. UBS Group upped 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. Deutsche Bank Aktiengesellschaft upped their target price on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Cantor Fitzgerald increased their price objective on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised their target price on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $71.57.

Fortinet Stock Up 0.1 %

Shares of FTNT opened at $77.55 on Tuesday. The business’s 50 day moving average is $71.09 and its 200 day moving average is $65.45. 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 12-month low of $44.12 and a 12-month high of $78.18. The company has a market capitalization of $59.24 billion, a PE ratio of 50.69, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last announced its quarterly 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 business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.31 EPS. Research analysts expect that Fortinet, Inc. will post 1.72 earnings per share for the current fiscal year.

Fortinet Company 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.