Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Boomfish Wealth Group LLC

Boomfish Wealth Group LLC lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,692 shares of the software maker’s stock after buying an additional 2,988 shares during the period. Boomfish Wealth Group LLC’s holdings in Fortinet were worth $2,091,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Winthrop Capital Management LLC bought a new position in shares of Fortinet in the first quarter worth $25,000. Rise Advisors LLC increased its stake in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares during the period. Vima LLC bought a new stake in shares of Fortinet during the 4th quarter worth about $25,000. Oakworth Capital Inc. acquired a new stake in shares of Fortinet in the 2nd quarter worth approximately $33,000. Finally, Creekmur Asset Management LLC bought a new position in shares of Fortinet in the fourth quarter valued at approximately $32,000. 83.71% of the stock is owned by institutional investors.

Insider Transactions at Fortinet

In related news, Director William H. Neukom purchased 586 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was bought at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the purchase, the director now owns 295,778 shares in the company, valued at approximately $17,613,579.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Keith Jensen sold 18,701 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William H. Neukom bought 586 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was bought at an average cost of $59.55 per share, with a total value of $34,896.30. Following the completion of the acquisition, the director now owns 295,778 shares in the company, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. In the last quarter, insiders sold 115,608 shares of company stock worth $7,132,649. 18.00% of the stock is owned by corporate insiders.

Fortinet Trading Up 1.8 %

FTNT stock traded up $1.32 during mid-day trading on Friday, hitting $74.72. The stock had a trading volume of 4,798,599 shares, compared to its average volume of 5,910,659. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $74.90. The company has a fifty day moving average of $60.91 and a 200 day moving average of $63.96. The stock has a market capitalization of $57.08 billion, a price-to-earnings ratio of 48.84, a PEG ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the firm posted $0.31 EPS. The business’s revenue was up 10.9% compared to the same quarter last year. As a group, sell-side analysts expect that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on FTNT shares. Citigroup boosted their target price on Fortinet from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Robert W. Baird upped their price objective on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. BMO Capital Markets lifted their target price on Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a report on Wednesday, August 7th. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Finally, TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research note on Thursday, July 18th. Twenty-three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $71.31.

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.