Zhang Financial LLC Purchases 5,895 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Zhang Financial LLC grew its position in Fortinet, Inc. (NASDAQ:FTNTGet Rating) by 401.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,365 shares of the software maker’s stock after buying an additional 5,895 shares during the period. Zhang Financial LLC’s holdings in Fortinet were worth $416,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. RB Capital Management LLC boosted its holdings in shares of Fortinet by 401.8% in the 2nd quarter. RB Capital Management LLC now owns 30,765 shares of the software maker’s stock valued at $1,741,000 after buying an additional 24,634 shares in the last quarter. Ferguson Wellman Capital Management Inc. boosted its holdings in shares of Fortinet by 401.9% in the 2nd quarter. Ferguson Wellman Capital Management Inc. now owns 464,380 shares of the software maker’s stock valued at $26,275,000 after buying an additional 371,860 shares in the last quarter. Arkadios Wealth Advisors boosted its holdings in shares of Fortinet by 404.1% in the 2nd quarter. Arkadios Wealth Advisors now owns 37,255 shares of the software maker’s stock valued at $2,108,000 after buying an additional 29,865 shares in the last quarter. Flagship Harbor Advisors LLC boosted its holdings in shares of Fortinet by 385.8% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 34,865 shares of the software maker’s stock valued at $1,973,000 after buying an additional 27,688 shares in the last quarter. Finally, Atticus Wealth Management LLC raised its position in shares of Fortinet by 395.6% in the 2nd quarter. Atticus Wealth Management LLC now owns 8,475 shares of the software maker’s stock valued at $480,000 after purchasing an additional 6,765 shares during the last quarter. 65.72% of the stock is currently owned by institutional investors.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 8,267 shares of Fortinet stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $60.64, for a total value of $501,310.88. Following the sale, the vice president now owns 29,772,120 shares of the company’s stock, valued at approximately $1,805,381,356.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Fortinet news, CFO Keith Jensen sold 39,440 shares of Fortinet stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $50.57, for a total transaction of $1,994,480.80. Following the sale, the chief financial officer now owns 4,541 shares of the company’s stock, valued at approximately $229,638.37. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 8,267 shares of Fortinet stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $60.64, for a total transaction of $501,310.88. Following the sale, the vice president now directly owns 29,772,120 shares in the company, valued at approximately $1,805,381,356.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,207 shares of company stock valued at $2,839,577. 18.60% of the stock is owned by company insiders.

Fortinet Price Performance

Fortinet stock opened at $48.74 on Friday. The company’s fifty day moving average price is $53.66 and its 200 day moving average price is $59.37. Fortinet, Inc. has a 1 year low of $47.37 and a 1 year high of $74.35. The stock has a market capitalization of $38.43 billion, a P/E ratio of 60.17, a P/E/G ratio of 3.54 and a beta of 1.20. The company has a debt-to-equity ratio of 4.24, a quick ratio of 1.05 and a current ratio of 1.12.

Analysts Set New Price Targets

FTNT has been the subject of several research analyst reports. Atlantic Securities initiated coverage on shares of Fortinet in a research report on Friday, September 2nd. They issued an “overweight” rating and a $76.00 price objective for the company. Barclays decreased their price objective on shares of Fortinet from $80.00 to $77.00 and set an “overweight” rating for the company in a research report on Thursday, August 4th. Morgan Stanley decreased their price objective on shares of Fortinet to $66.00 and set an “equal weight” rating for the company in a research report on Monday, June 27th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Fortinet from $60.00 to $63.00 in a research report on Thursday, August 4th. Finally, StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $71.96.

Fortinet Profile

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Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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