Stratos Wealth Advisors LLC Buys 290 Shares of Fortinet, Inc. $FTNT

Stratos Wealth Advisors LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,886 shares of the software maker’s stock after acquiring an additional 290 shares during the quarter. Stratos Wealth Advisors LLC’s holdings in Fortinet were worth $2,102,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in FTNT. Saudi Central Bank bought a new position in shares of Fortinet in the first quarter worth about $25,000. Clearstead Trust LLC bought a new position in Fortinet in the 1st quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd raised its holdings 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 valued at $29,000 after buying an additional 284 shares during the last quarter. ORG Partners LLC raised its holdings in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after buying an additional 112 shares during the last quarter. Finally, EQ Wealth Advisors LLC bought a new position in Fortinet in the 1st quarter valued at approximately $35,000. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on FTNT shares. Truist Financial dropped their price objective on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, August 7th. Barclays dropped their price objective on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday, August 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fortinet in a report on Wednesday, October 8th. Mizuho dropped their price objective on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a report on Thursday, August 7th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $67.00 price objective (down previously from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $97.03.

Fortinet Stock Up 0.4%

Fortinet stock opened at $83.44 on Friday. 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 52-week low of $70.12 and a 52-week high of $114.82. The firm has a 50 day moving average price of $81.25 and a two-hundred day moving average price of $94.10. The firm has a market cap of $63.94 billion, a price-to-earnings ratio of 33.24, a PEG ratio of 3.13 and a beta of 1.09.

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, topping the consensus estimate of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the business earned $0.57 EPS. The company’s revenue was up 13.6% compared to the same quarter last year. Equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on 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 sale, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,486 shares of Fortinet 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 position. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

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.