Barlow Wealth Partners Inc. Makes New Investment in Fortinet, Inc. (NASDAQ:FTNT)

Barlow Wealth Partners Inc. purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 4th quarter, Holdings Channel reports. The fund purchased 155,803 shares of the software maker’s stock, valued at approximately $9,119,000.

A number of other large investors have also recently modified their holdings of FTNT. Headinvest LLC bought a new stake in shares of Fortinet in the 3rd quarter valued at about $29,000. Atwood & Palmer Inc. purchased a new stake in shares of Fortinet during the 4th quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in shares of Fortinet in the 3rd quarter worth approximately $37,000. Rakuten Securities Inc. purchased a new position in Fortinet in the fourth quarter worth $43,000. Finally, CVA Family Office LLC acquired a new stake in Fortinet in the fourth quarter worth about $46,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In related news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the transaction, the chief executive officer now directly owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Ken Xie sold 23,694 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the completion of the sale, the chief executive officer now owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the transaction, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The disclosure for this sale can be found here. Insiders sold a total of 118,480 shares of company stock worth $8,021,556 in the last three months. 17.54% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FTNT shares. Scotiabank cut their price objective on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 3rd. Wedbush reissued an “outperform” rating and issued a $86.00 price objective on shares of Fortinet in a report on Wednesday, May 1st. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a report on Friday, May 3rd. JPMorgan Chase & Co. reduced their price target on Fortinet from $67.00 to $63.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Finally, Cantor Fitzgerald lowered their price objective on Fortinet from $65.00 to $55.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Two analysts have rated the stock with a sell rating, twenty have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $70.37.

Fortinet Stock Performance

FTNT traded up $0.20 on Wednesday, hitting $59.63. 10,884,707 shares of the company’s stock were exchanged, compared to its average volume of 6,173,643. The firm has a market cap of $45.52 billion, a PE ratio of 38.84, a P/E/G ratio of 2.60 and a beta of 1.08. The company has a current ratio of 1.20, a quick ratio of 1.08 and a debt-to-equity ratio of 13.38. The stock has a fifty day moving average of $67.13 and a two-hundred day moving average of $61.98. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter in the previous year, the company earned $0.29 EPS. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, research analysts anticipate that Fortinet, Inc. will post 1.4 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.