Summit Trail Advisors LLC Raises Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Summit Trail Advisors LLC grew its stake in Fortinet, Inc. (NASDAQ:FTNT) by 30.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 5,462 shares of the software maker’s stock after buying an additional 1,274 shares during the quarter. Summit Trail Advisors LLC’s holdings in Fortinet were worth $329,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Parallel Advisors LLC lifted its stake in Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock worth $452,000 after acquiring an additional 148 shares during the last quarter. Simplicity Wealth LLC raised its stake in Fortinet by 2.2% during the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after acquiring an additional 174 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in Fortinet by 22.4% in the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after acquiring an additional 180 shares during the last quarter. Werlinich Asset Management LLC lifted its position in Fortinet by 1.7% in the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after acquiring an additional 180 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC boosted its stake in Fortinet by 0.9% in the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after acquiring an additional 185 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FTNT. BMO Capital Markets upped their target price on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. Morgan Stanley lowered their target price on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. UBS Group upped their price target on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Wells Fargo & Company raised their price objective on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $71.57.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the transaction, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 96,210 shares of company stock worth $6,337,801. 18.00% of the stock is owned by insiders.

Fortinet Trading Up 0.9 %

NASDAQ:FTNT opened at $77.44 on Tuesday. The company has a market capitalization of $59.16 billion, a PE ratio of 50.61, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $78.08. The stock has a fifty day simple moving average of $69.23 and a 200-day simple moving average of $65.21. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the firm earned $0.31 earnings per share. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, equities research analysts expect that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

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.