Forvis Mazars Wealth Advisors LLC Purchases Shares of 2,752 Fortinet, Inc. $FTNT

Forvis Mazars Wealth Advisors LLC purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the second quarter, HoldingsChannel.com reports. The fund purchased 2,752 shares of the software maker’s stock, valued at approximately $291,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Saudi Central Bank acquired a new stake in Fortinet in the first quarter valued at $25,000. Clearstead Trust LLC acquired a new stake in shares of Fortinet during the first quarter worth about $28,000. Caitong International Asset Management Co. Ltd increased its position in shares of Fortinet by 2,184.6% during the first 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. ORG Partners LLC increased its position in shares of Fortinet by 47.5% during the first 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. Finally, E Fund Management Hong Kong Co. Ltd. increased its position in shares of Fortinet by 41.4% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after purchasing an additional 104 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares in the company, 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. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of research analyst reports. Wells Fargo & Company cut their target price on Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. Royal Bank Of Canada cut their target price on Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 7th. KeyCorp cut Fortinet from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 7th. Mizuho cut their target price on Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a research report on Thursday, August 7th. Finally, Rosenblatt Securities reissued a “neutral” rating and set a $85.00 price target (down previously from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $97.03.

Fortinet Stock Performance

NASDAQ FTNT opened at $84.86 on Tuesday. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The business’s 50-day moving average price is $81.45 and its 200 day moving average price is $94.10. The firm has a market cap of $65.03 billion, a P/E ratio of 33.81, a P/E/G ratio of 3.14 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data 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. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the company earned $0.57 EPS. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. On average, equities research analysts expect 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.