Inspire Investing LLC Acquires 19,136 Shares of Fortinet, Inc. $FTNT

Inspire Investing LLC lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 24.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 98,265 shares of the software maker’s stock after buying an additional 19,136 shares during the quarter. Fortinet comprises approximately 1.1% of Inspire Investing LLC’s investment portfolio, making the stock its 12th biggest holding. Inspire Investing LLC’s holdings in Fortinet were worth $10,389,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dover Advisors LLC lifted its stake in shares of Fortinet by 1.0% in the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after purchasing an additional 94 shares during the period. Peloton Wealth Strategists lifted its stake in shares of Fortinet by 2.4% in the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock valued at $417,000 after purchasing an additional 100 shares during the period. Trust Co. of Vermont lifted its stake in shares of Fortinet by 3.6% in the 2nd quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock valued at $302,000 after purchasing an additional 100 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Fortinet by 0.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 17,841 shares of the software maker’s stock valued at $1,886,000 after purchasing an additional 102 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. lifted its stake in shares of Fortinet by 41.4% in the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock valued at $38,000 after purchasing an additional 104 shares during the period. 83.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FTNT. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday. Scotiabank cut their price target on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 7th. BMO Capital Markets dropped their price objective on Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research note on Thursday, August 7th. KeyCorp downgraded Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Finally, Mizuho dropped their price objective on Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $97.03.

Fortinet Stock Performance

FTNT opened at $83.06 on Friday. The business’s 50-day moving average price is $81.72 and its two-hundred day moving average price is $94.60. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The company has a market capitalization of $63.64 billion, a price-to-earnings ratio of 33.09, a P/E/G ratio of 3.25 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the business posted $0.57 EPS. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. Equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity

In other news, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the transaction, the vice president 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 company insiders.

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.