Clarius Group LLC Has $583,000 Holdings in Fortinet, Inc. $FTNT

Clarius Group LLC grew its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 29.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,514 shares of the software maker’s stock after purchasing an additional 1,270 shares during the period. Clarius Group LLC’s holdings in Fortinet were worth $583,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Quent Capital LLC grew its position in shares of Fortinet by 13.7% during the 2nd quarter. Quent Capital LLC now owns 2,475 shares of the software maker’s stock worth $262,000 after purchasing an additional 298 shares in the last quarter. Hennessy Advisors Inc. acquired a new stake in shares of Fortinet during the 2nd quarter worth approximately $112,000. QRG Capital Management Inc. boosted its position in shares of Fortinet by 11.1% during the 2nd quarter. QRG Capital Management Inc. now owns 66,471 shares of the software maker’s stock worth $7,027,000 after acquiring an additional 6,617 shares in the last quarter. Consilium Wealth Advisory LLC boosted its position in shares of Fortinet by 96.0% during the 2nd quarter. Consilium Wealth Advisory LLC now owns 10,651 shares of the software maker’s stock worth $1,126,000 after acquiring an additional 5,216 shares in the last quarter. Finally, Ameritas Advisory Services LLC acquired a new stake in shares of Fortinet during the 2nd quarter worth approximately $143,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insiders Place Their Bets

In related news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is owned by company insiders.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $85.79 on Monday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The firm has a fifty day simple moving average of $83.35 and a 200 day simple moving average of $95.04. The company has a market capitalization of $65.74 billion, a PE ratio of 34.18, a P/E/G ratio of 3.24 and a beta of 1.09. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the firm earned $0.57 earnings per share. Fortinet’s quarterly revenue was up 13.6% on a year-over-year basis. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on FTNT. Wells Fargo & Company reduced their price target on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. UBS Group reduced their price target on shares of Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Cowen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. Royal Bank Of Canada reduced their price target on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 7th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $85.00 price target (down previously from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $97.03.

Fortinet 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.