Claro Advisors LLC Invests $162,000 in Fortinet, Inc. (NASDAQ:FTNT)

Claro Advisors LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 2,088 shares of the software maker’s stock, valued at approximately $162,000.

Other institutional investors have also made changes to their positions in the company. Sarasin & Partners LLP increased its stake in shares of Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after purchasing an additional 395,477 shares during the period. PDS Planning Inc bought a new position in shares of Fortinet in the first quarter worth about $200,000. Cetera Investment Advisers increased its stake in shares of Fortinet by 543.5% in the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after purchasing an additional 132,871 shares during the period. Sei Investments Co. increased its stake in shares of Fortinet by 10.5% in the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after purchasing an additional 13,178 shares during the period. Finally, Magnetar Financial LLC acquired a new stake in Fortinet during the first quarter worth about $3,189,000. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were 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 in the company, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction on 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 owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were 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 of the company’s stock, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 95,250 shares of company stock worth $6,790,149. Insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FTNT. Robert W. Baird lifted their target price on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lifted their target price on Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research report on Thursday, August 8th. Wells Fargo & Company lifted 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, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-three have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $72.71.

Fortinet Stock Performance

FTNT stock opened at $81.07 on Monday. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The company has a 50 day moving average price of $76.78 and a 200 day moving average price of $66.65. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $83.77. The stock has a market capitalization of $61.93 billion, a PE ratio of 52.99, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion during 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 revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS. Analysts forecast that Fortinet, Inc. will post 1.74 EPS for the current year.

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.