Jackson Wealth Management LLC Lowers Holdings in Fortinet, Inc. $FTNT

Jackson Wealth Management LLC cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 0.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 64,519 shares of the software maker’s stock after selling 390 shares during the period. Jackson Wealth Management LLC’s holdings in Fortinet were worth $6,821,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in FTNT. SJS Investment Consulting Inc. lifted its holdings in Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after purchasing an additional 225 shares in the last quarter. Saudi Central Bank purchased a new position in Fortinet in the 1st quarter worth approximately $25,000. Clearstead Trust LLC purchased a new position in Fortinet in the 1st quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd lifted its holdings in Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after purchasing an additional 284 shares in the last quarter. Finally, ORG Partners LLC increased its stake in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after acquiring an additional 112 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Price Performance

FTNT opened at $85.79 on Friday. The business has a fifty day moving average of $83.35 and a 200 day moving average of $95.08. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The stock has a market cap of $65.74 billion, a P/E ratio of 34.18, a PEG ratio of 3.26 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the business earned $0.57 EPS. Fortinet’s revenue was up 13.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Ratings Changes

A number of research firms have issued reports on FTNT. TD Cowen reaffirmed a “hold” rating and issued a $105.00 price objective on shares of Fortinet in a research note on Thursday, August 7th. JPMorgan Chase & Co. reduced their price objective on Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Cowen downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 7th. Barclays reduced their price objective on Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 7th. Finally, DZ Bank raised Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research note on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and an average target price of $97.03.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the company’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the company’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by corporate insiders.

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.