CX Institutional Purchases 215 Shares of Fortinet, Inc. $FTNT

CX Institutional grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,481 shares of the software maker’s stock after buying an additional 215 shares during the period. CX Institutional’s holdings in Fortinet were worth $791,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Saudi Central Bank bought a new stake in shares of Fortinet in the 1st quarter valued at about $25,000. SJS Investment Consulting Inc. boosted its stake in Fortinet by 703.1% in the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after purchasing an additional 225 shares in the last quarter. Clearstead Trust LLC acquired a new stake in Fortinet in the 1st quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd boosted its stake in Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after purchasing an additional 284 shares in the last quarter. Finally, ORG Partners LLC boosted its stake in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after purchasing an additional 112 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $84.32 on Friday. The firm has a market cap of $64.61 billion, a PE ratio of 33.59, a PEG ratio of 3.14 and a beta of 1.12. The firm has a fifty day moving average of $85.36 and a 200 day moving average of $95.46. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm’s revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.57 EPS. As a group, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of recent analyst reports. Rosenblatt Securities reiterated a “neutral” rating and issued a $85.00 target price (down from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Evercore ISI decreased their price objective on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research note on Friday, August 8th. Wall Street Zen cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Royal Bank Of Canada decreased their price objective on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a research note on Thursday, August 7th. Finally, Truist Financial decreased their price objective on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $97.03.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 158,486 shares of the company’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the company’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

About Fortinet

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.