Brown Financial Advisors Buys New Shares in Fortinet, Inc. (NASDAQ:FTNT)

Brown Financial Advisors bought a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, Holdings Channel reports. The firm bought 4,860 shares of the software maker’s stock, valued at approximately $293,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Winthrop Capital Management LLC purchased a new position in shares of Fortinet in the first quarter valued at about $25,000. Rise Advisors LLC lifted its position in shares of Fortinet by 135.6% in 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 position in shares of Fortinet in the fourth quarter valued at about $25,000. Oakworth Capital Inc. purchased a new position in shares of Fortinet in the second quarter valued at about $33,000. Finally, Creekmur Asset Management LLC purchased a new position in shares of Fortinet in the fourth quarter valued at about $32,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fortinet news, VP Michael Xie sold 24,712 shares of the 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 of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of 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. Insiders sold 96,210 shares of company stock valued at $6,337,801 over the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $77.59 on Thursday. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.50. The company has a market capitalization of $59.27 billion, a price-to-earnings ratio of 50.71, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The firm has a 50-day simple moving average of $71.88 and a 200-day simple moving average of $65.60. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32.

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 net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm earned $0.31 earnings per share. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. On average, equities research analysts anticipate that Fortinet, Inc. will post 1.72 earnings per share for the current year.

Analyst Ratings Changes

FTNT has been the topic of several research analyst reports. Hsbc Global Res upgraded Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. 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. Morgan Stanley decreased their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. Wells Fargo & Company boosted their target price on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Finally, Susquehanna boosted their target price on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Twenty-three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $71.57.

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.