Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Leelyn Smith LLC

Leelyn Smith LLC boosted its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 3.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,485 shares of the software maker’s stock after acquiring an additional 530 shares during the period. Leelyn Smith LLC’s holdings in Fortinet were worth $933,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Fortinet by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after buying an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after buying an additional 30,542,551 shares during the period. Swedbank AB increased its position in shares of Fortinet by 1.7% during the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after acquiring an additional 134,366 shares during the period. Van ECK Associates Corp raised its stake in shares of Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in Fortinet by 7.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 3,996,822 shares of the software maker’s stock valued at $273,023,000 after purchasing an additional 283,339 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Ken Xie sold 23,693 shares of Fortinet 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 sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders sold a total of 72,672 shares of company stock worth $4,573,864 over the last three months. 18.00% of the stock is owned by company insiders.

Fortinet Stock Performance

Shares of NASDAQ:FTNT opened at $75.01 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $78.08. The firm has a market cap of $57.38 billion, a PE ratio of 49.03, a PEG ratio of 2.77 and a beta of 1.00. The company’s 50 day moving average price is $67.27 and its two-hundred day moving average price is $65.05.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the company earned $0.31 EPS. Fortinet’s revenue was up 10.9% compared to the same quarter last year. Equities research analysts predict that Fortinet, Inc. will post 1.7 earnings per share for the current year.

Analyst Ratings Changes

FTNT has been the subject of a number of recent research reports. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a research note on Thursday, August 8th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Tuesday. Royal Bank of Canada raised their price objective on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. Citigroup boosted their target price on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a report on Friday. Finally, Wells Fargo & Company lifted their price target on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and an average target price of $71.57.

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.