Jackson Thornton Wealth Management LLC Purchases New Stake in Fortinet, Inc. $FTNT

Jackson Thornton Wealth Management LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, Holdings Channel reports. The firm purchased 2,053 shares of the software maker’s stock, valued at approximately $221,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Saudi Central Bank bought a new stake in Fortinet during the 1st quarter valued at $25,000. Clearstead Trust LLC bought a new position in Fortinet in the 1st quarter worth $28,000. Caitong International Asset Management Co. Ltd raised 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. ORG Partners LLC raised its holdings 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 purchasing an additional 112 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. raised its holdings in Fortinet by 41.4% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after purchasing an additional 104 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Ken Xie sold 158,486 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction dated 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 sale, the vice president directly owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on FTNT. Evercore ISI decreased their price objective on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a report on Friday, August 8th. Mizuho decreased their price objective on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a report on Thursday, August 7th. Rosenblatt Securities restated a “neutral” rating and issued a $85.00 price objective (down from $125.00) on shares of Fortinet in a report on Thursday, August 7th. BMO Capital Markets decreased their price objective on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a report on Thursday, August 7th. Finally, Wedbush decreased their price objective on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $97.03.

Fortinet Stock Up 1.7%

Shares of Fortinet stock opened at $84.86 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The company has a 50-day moving average of $81.45 and a 200 day moving average of $94.10. The firm has a market cap of $65.03 billion, a price-to-earnings ratio of 33.81, a PEG ratio of 3.14 and a beta of 1.09. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82.

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

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.