Rise Advisors LLC Boosts Stake in Fortinet, Inc. (NASDAQ:FTNT)

Rise Advisors LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 135.6% in the 1st quarter, HoldingsChannel.com reports. The fund owned 377 shares of the software maker’s stock after buying an additional 217 shares during the quarter. Rise Advisors LLC’s holdings in Fortinet were worth $26,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Vima LLC purchased a new position in shares of Fortinet in the 4th quarter valued at about $25,000. Atwood & Palmer Inc. purchased a new stake in Fortinet during the 4th quarter valued at approximately $29,000. Headinvest LLC acquired a new stake in shares of Fortinet during the third quarter worth $29,000. Creekmur Asset Management LLC purchased a new stake in shares of Fortinet during the 4th quarter worth approximately $32,000. Finally, American National Bank grew its holdings in shares of Fortinet by 443.6% in the 4th quarter. American National Bank now owns 598 shares of the software maker’s stock worth $35,000 after acquiring an additional 488 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In related news, Director William H. Neukom bought 586 shares of Fortinet stock in a transaction dated Thursday, June 6th. The stock was acquired 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 directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fortinet news, CEO Ken Xie sold 24,235 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the sale, the chief executive officer now directly owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom purchased 586 shares of Fortinet 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 transaction, the director now directly owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 91,638 shares of company stock worth $5,705,568. Insiders own 18.00% of the company’s stock.

Fortinet Trading Up 1.1 %

Shares of NASDAQ FTNT opened at $58.56 on Friday. The stock has a market capitalization of $44.74 billion, a P/E ratio of 38.27, a PEG ratio of 2.90 and a beta of 0.98. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The stock’s 50 day moving average price is $61.10 and its two-hundred day moving average price is $63.43.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter last year, the business posted $0.29 earnings per share. On average, analysts anticipate that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FTNT. Cantor Fitzgerald dropped their price target on Fortinet from $65.00 to $55.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. HSBC lowered their price target on shares of Fortinet from $57.00 to $54.00 and set a “reduce” rating on the stock in a research report on Friday, May 3rd. Morgan Stanley reduced their price objective on Fortinet from $81.00 to $73.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Scotiabank lowered their price target on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating for the company in a report on Friday, May 3rd. Finally, Susquehanna lowered their target price on shares of Fortinet from $80.00 to $65.00 and set a “neutral” rating for the company in a research note on Monday, May 6th. Two analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $69.66.

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.