Madison Wealth Partners Inc Buys New Holdings in Fortinet, Inc. $FTNT

Madison Wealth Partners Inc acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 1,945 shares of the software maker’s stock, valued at approximately $206,000.

Several other large investors have also recently added to or reduced their stakes in the company. Dover Advisors LLC lifted its position in shares of Fortinet by 1.0% during the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock worth $999,000 after purchasing an additional 94 shares in the last quarter. Balboa Wealth Partners grew its holdings in shares of Fortinet by 4.3% in the 2nd quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after buying an additional 96 shares during the period. Hemington Wealth Management raised its position in shares of Fortinet by 13.2% during the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after purchasing an additional 99 shares during the period. Peloton Wealth Strategists boosted its holdings in shares of Fortinet by 2.4% in the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock valued at $417,000 after buying an additional 100 shares during the period. Finally, Trust Co. of Vermont boosted its position in shares of Fortinet by 3.6% during the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after buying an additional 100 shares during the period. 83.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent analyst reports. DZ Bank upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a report on Friday, August 8th. Evercore ISI decreased their target price on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a research report on Friday, August 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Fortinet in a research report on Wednesday, October 8th. 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 note on Thursday, August 7th. Finally, BMO Capital Markets cut their price target on Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $97.03.

Fortinet Stock Performance

FTNT stock opened at $83.44 on Monday. The firm has a market cap of $63.94 billion, a PE ratio of 33.24, a P/E/G ratio of 3.14 and a beta of 1.09. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month 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 business has a 50 day moving average of $81.25 and a 200-day moving average of $94.10.

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

Insider Activity at Fortinet

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