Stratos Wealth Partners LTD. Buys 2,700 Shares of Fortinet, Inc. $FTNT

Stratos Wealth Partners LTD. raised its stake in Fortinet, Inc. (NASDAQ:FTNT) by 4.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 65,119 shares of the software maker’s stock after acquiring an additional 2,700 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Fortinet were worth $6,884,000 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 the stock. Vanguard Group Inc. lifted its holdings in shares of Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after acquiring an additional 3,546,934 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Fortinet by 2.2% in the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock worth $824,999,000 after acquiring an additional 181,835 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Fortinet by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock worth $675,405,000 after acquiring an additional 1,026,277 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Fortinet by 0.8% in the first quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock worth $627,573,000 after acquiring an additional 49,238 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Fortinet by 40.9% in the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock worth $561,156,000 after acquiring an additional 1,733,670 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on FTNT. Scotiabank lowered their price objective on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a research note on Thursday, August 7th. UBS Group lowered their price objective on Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Mizuho lowered their price objective on Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a research note on Thursday, August 7th. Wall Street Zen downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, JPMorgan Chase & Co. lowered their price objective on Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $97.03.

Insider Buying and Selling

In other news, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction that occurred 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 trade represents a 0.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction that occurred 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 approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $83.44 on Friday. The company has a market capitalization of $63.94 billion, a PE ratio of 33.24, a P/E/G ratio of 3.13 and a beta of 1.09. The company has a 50 day simple moving average of $81.25 and a two-hundred day simple moving average of $94.10. 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 fifty-two week low of $70.12 and a fifty-two week high of $114.82.

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