Barlow Wealth Partners Inc. Has $13.03 Million Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Barlow Wealth Partners Inc. boosted its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.8% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 168,126 shares of the software maker’s stock after buying an additional 3,024 shares during the period. Fortinet makes up 1.7% of Barlow Wealth Partners Inc.’s portfolio, making the stock its 29th largest holding. Barlow Wealth Partners Inc.’s holdings in Fortinet were worth $13,026,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of FTNT. Tealwood Asset Management Inc. lifted its holdings in shares of Fortinet by 1.2% during the 3rd quarter. Tealwood Asset Management Inc. now owns 25,530 shares of the software maker’s stock worth $1,980,000 after acquiring an additional 302 shares during the period. Insight Wealth Strategies LLC increased its position in Fortinet by 5.2% during the 3rd quarter. Insight Wealth Strategies LLC now owns 23,835 shares of the software maker’s stock worth $1,848,000 after purchasing an additional 1,174 shares in the last quarter. Evanson Asset Management LLC acquired a new position in Fortinet in the 3rd quarter valued at approximately $261,000. Kesler Norman & Wride LLC acquired a new position in Fortinet in the 3rd quarter valued at approximately $249,000. Finally, Diversified Trust Co increased its position in Fortinet by 0.9% in the 3rd quarter. Diversified Trust Co now owns 23,717 shares of the software maker’s stock valued at $1,839,000 after acquiring an additional 205 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT stock traded up $1.52 during trading hours on Wednesday, reaching $79.30. The stock had a trading volume of 628,950 shares, compared to its average volume of 5,573,488. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $79.84. The firm has a market capitalization of $60.58 billion, a PE ratio of 50.84, a PEG ratio of 2.77 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The stock’s fifty day simple moving average is $73.50 and its 200 day simple moving average is $65.85.

Fortinet (NASDAQ:FTNT) last announced its 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. 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 analyst estimates of $1.40 billion. During the same period in the previous year, the business posted $0.31 earnings per share. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, equities research analysts predict that Fortinet, Inc. will post 1.72 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on FTNT. Scotiabank increased their price objective on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, August 7th. Wells Fargo & Company raised 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. BMO Capital Markets raised their price objective on shares of Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Thursday, July 18th. Finally, UBS Group raised their price objective on shares of Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $72.11.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Ken Xie sold 23,538 shares of Fortinet 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 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 trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 24,712 shares of Fortinet 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 completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. 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.

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.