JPL Wealth Management LLC Buys 332 Shares of Fortinet, Inc. (NASDAQ:FTNT)

JPL Wealth Management LLC increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 5.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,792 shares of the software maker’s stock after buying an additional 332 shares during the period. JPL Wealth Management LLC’s holdings in Fortinet were worth $409,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of FTNT. TFO Wealth Partners LLC increased its stake in shares of Fortinet by 72,668.0% during the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock valued at $1,065,000 after purchasing an additional 18,167 shares in the last quarter. Sanibel Captiva Trust Company Inc. purchased a new stake in shares of Fortinet during the fourth quarter valued at approximately $10,394,000. Janney Montgomery Scott LLC grew its holdings in shares of Fortinet by 121.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 244,879 shares of the software maker’s stock valued at $14,333,000 after buying an additional 134,265 shares during the last quarter. Hsbc Holdings PLC grew its holdings in shares of Fortinet by 30.2% during the fourth quarter. Hsbc Holdings PLC now owns 1,675,718 shares of the software maker’s stock valued at $98,080,000 after buying an additional 389,098 shares during the last quarter. Finally, Advanced Portfolio Management LLC purchased a new stake in shares of Fortinet during the fourth quarter valued at approximately $1,537,000. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Up 0.6 %

NASDAQ:FTNT traded up $0.44 during midday trading on Friday, reaching $76.71. 3,585,700 shares of the stock traded hands, compared to its average volume of 6,242,625. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $77.18. The business has a 50-day moving average of $64.06 and a two-hundred day moving average of $64.49. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The stock has a market capitalization of $58.68 billion, a PE ratio of 50.14, a price-to-earnings-growth ratio of 2.77 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The business 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 quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the company posted $0.31 earnings per share. On average, equities analysts forecast that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Robert W. Baird increased their price target on shares of Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a report on Wednesday, August 7th. Morgan Stanley dropped their target price on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Cantor Fitzgerald raised their target price on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, Scotiabank raised their target price on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, August 7th. Twenty-four research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $71.31.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the stock in a transaction on 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 sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, VP Michael Xie sold 24,712 shares of Fortinet 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 sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 24,267 shares of Fortinet stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the sale, the chief executive officer now owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The disclosure for this sale can be found here. Insiders have sold 115,608 shares of company stock worth $7,132,649 over the last 90 days. 18.00% of the stock is currently owned by company 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.