Arkadios Wealth Advisors Raises Holdings in Fortinet, Inc. $FTNT

Arkadios Wealth Advisors increased its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 40,803 shares of the software maker’s stock after buying an additional 1,135 shares during the quarter. Arkadios Wealth Advisors’ holdings in Fortinet were worth $4,314,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Warther Private Wealth LLC increased its holdings in Fortinet by 39.7% in the 2nd quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock valued at $19,258,000 after purchasing an additional 51,750 shares in the last quarter. Cooper Financial Group acquired a new stake in Fortinet in the 2nd quarter valued at $2,653,000. Mainstay Capital Management LLC ADV increased its holdings in Fortinet by 105.8% in the 2nd quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock valued at $1,778,000 after purchasing an additional 8,643 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in Fortinet by 40.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker’s stock valued at $7,045,000 after purchasing an additional 21,177 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd increased its holdings in Fortinet by 294.3% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 39,889 shares of the software maker’s stock valued at $4,217,000 after purchasing an additional 29,773 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Down 1.9%

NASDAQ:FTNT opened at $84.22 on Thursday. The company has a market capitalization of $64.54 billion, a price-to-earnings ratio of 33.55, a price-to-earnings-growth ratio of 3.24 and a beta of 1.09. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The stock has a 50-day simple moving average of $82.31 and a 200 day simple moving average of $93.66. 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 (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping 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 return on equity of 111.46% and a net margin of 30.60%.The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period last year, the firm earned $0.57 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction dated 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 completion of the transaction, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 158,486 shares of Fortinet 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 of the company’s stock, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on FTNT shares. Mizuho lowered their price target on Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a report on Thursday, August 7th. Cantor Fitzgerald raised their target price on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, July 16th. BMO Capital Markets lowered their target price on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research note on Thursday, August 7th. Citigroup downgraded Fortinet from a “neutral” rating to a “mixed” rating in a research note on Monday, October 20th. Finally, Evercore ISI lowered their target price on Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research note on Friday, August 8th. 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 company. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $97.03.

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.