Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Geneos Wealth Management Inc.

Geneos Wealth Management Inc. raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 23.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,398 shares of the software maker’s stock after acquiring an additional 8,020 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Fortinet were worth $2,555,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. International Assets Investment Management LLC lifted its holdings in Fortinet by 5,645.7% during the fourth quarter. International Assets Investment Management LLC now owns 266,312 shares of the software maker’s stock valued at $15,587,000 after purchasing an additional 261,677 shares in the last quarter. Federated Hermes Inc. boosted its stake in Fortinet by 149.0% during the 4th quarter. Federated Hermes Inc. now owns 59,829 shares of the software maker’s stock worth $3,502,000 after purchasing an additional 35,803 shares during the last quarter. abrdn plc raised its position in shares of Fortinet by 66.9% in the fourth quarter. abrdn plc now owns 325,017 shares of the software maker’s stock valued at $19,023,000 after buying an additional 130,308 shares during the last quarter. RWA Wealth Partners LLC purchased a new position in shares of Fortinet in the fourth quarter worth about $6,484,000. Finally, Larson Financial Group LLC boosted its position in Fortinet by 19.3% during the fourth quarter. Larson Financial Group LLC now owns 4,359 shares of the software maker’s stock worth $255,000 after acquiring an additional 706 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Mizuho lowered their target price on Fortinet from $70.00 to $66.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a research report on Wednesday, August 7th. Evercore ISI dropped their price target on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a research note on Friday, May 3rd. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. Finally, Robert W. Baird raised their price objective on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research 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 given a strong buy rating to the stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus price target of $71.31.

Fortinet Stock Up 0.1 %

Shares of NASDAQ FTNT traded up $0.11 during mid-day trading on Friday, hitting $74.60. 376,843 shares of the company were exchanged, compared to its average volume of 5,848,563. The stock has a 50 day simple moving average of $62.10 and a 200-day simple moving average of $64.23. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $76.31. The firm has a market cap of $56.99 billion, a price-to-earnings ratio of 48.76, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm’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 earned $0.31 EPS. Analysts anticipate that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the transaction, the chief financial officer now owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders sold a total of 115,608 shares of company stock worth $7,132,649 over the last 90 days. 18.00% of the stock is currently owned by corporate 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.