Fortinet, Inc. $FTNT Stock Bought by Lido Advisors LLC

Lido Advisors LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 192,248 shares of the software maker’s stock after buying an additional 12,564 shares during the period. Lido Advisors LLC’s holdings in Fortinet were worth $34,366,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Dunhill Financial LLC bought a new position in Fortinet during the second quarter valued at approximately $25,000. Burk Holdings LLC purchased a new position in shares of Fortinet during the second quarter worth approximately $25,000. Cornerstone Financial Management LLC lifted its holdings in shares of Fortinet by 102.5% in the 2nd quarter. Cornerstone Financial Management LLC now owns 164 shares of the software maker’s stock worth $25,000 after acquiring an additional 83 shares during the last quarter. Timbuktu Capital Management LLC bought a new stake in shares of Fortinet in the 2nd quarter worth approximately $31,000. Finally, Elevation Wealth Partners LLC lifted its holdings in shares of Fortinet by 53.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock worth $33,000 after acquiring an additional 75 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of Fortinet stock opened at $123.57 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.40 and a quick ratio of 1.28. Fortinet, Inc. has a one year low of $73.55 and a one year high of $197.13. The business’s 50 day simple moving average is $166.24 and its two-hundred day simple moving average is $129.96. The stock has a market capitalization of $90.79 billion, a P/E ratio of 40.12, a price-to-earnings-growth ratio of 2.35 and a beta of 1.04.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, October 28th. The software maker reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. Fortinet had a return on equity of 152.72% and a net margin of 28.96%. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the prior year, the firm posted $0.74 earnings per share. The business’s quarterly revenue was up 20.5% compared to the same quarter last year. Analysts forecast that Fortinet, Inc. will post 3.21 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on FTNT. Mizuho set a $118.00 target price on shares of Fortinet in a report on Thursday, October 29th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Thursday, October 29th. Wolfe Research set a $175.00 price target on shares of Fortinet in a research note on Thursday, July 30th. Citigroup cut their price target on shares of Fortinet from $185.00 to $140.00 and set a “neutral” rating for the company in a research report on Thursday, October 29th. Finally, Morgan Stanley reaffirmed a “positive” rating and set a $136.00 price objective (up from $133.00) on shares of Fortinet in a research note on Thursday, July 30th. Eleven analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $150.44.

Insider Activity at Fortinet

In other Fortinet news, COO John Whittle sold 2,835 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $168.74, for a total transaction of $478,377.90. Following the completion of the sale, the chief operating officer owned 96,987 shares of the company’s stock, valued at $16,365,586.38. This represents a 2.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP Michael Xie sold 3,121 shares of the stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $129.49, for a total transaction of $404,138.29. Following the sale, the vice president directly owned 9,918,360 shares of the company’s stock, valued at $1,284,328,436.40. The trade was a 0.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 221,304 shares of company stock worth $30,675,309 in the last three months. 17.60% of the stock is owned by insiders.

About Fortinet

Fortinet, Inc. is a cybersecurity and networking company that provides products and services to help organizations protect their networks, devices, applications, and cloud environments. Its offerings include FortiGate next-generation firewalls, the FortiOS operating system, and security, endpoint, cloud, and secure access service edge (SASE) solutions. The company’s Security Fabric platform is designed to integrate security and networking products and support centralized visibility and management.