Boomfish Wealth Group LLC Decreases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Boomfish Wealth Group LLC cut its position in Fortinet, Inc. (NASDAQ:FTNT) by 6.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 32,484 shares of the software maker’s stock after selling 2,208 shares during the period. Fortinet makes up about 1.5% of Boomfish Wealth Group LLC’s holdings, making the stock its 22nd largest holding. Boomfish Wealth Group LLC’s holdings in Fortinet were worth $2,519,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Fortinet by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after acquiring an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB raised its stake in shares of Fortinet by 1.7% during the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after purchasing an additional 134,366 shares during the period. Marshall Wace LLP boosted its stake in Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the period. Finally, Van ECK Associates Corp grew its holdings in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after buying an additional 2,802,446 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 0.0 %

Shares of Fortinet stock opened at $82.83 on Tuesday. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $83.77. The company’s 50 day moving average price is $75.52 and its 200-day moving average price is $66.26. The stock has a market capitalization of $63.28 billion, a price-to-earnings ratio of 54.14, a P/E/G ratio of 2.84 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.31 earnings per share. Equities research analysts forecast that Fortinet, Inc. will post 1.74 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FTNT. Morgan Stanley lowered their price target on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Rosenblatt Securities lowered their target price on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Wells Fargo & Company increased their price objective on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Finally, Citigroup boosted their target price on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Twenty-three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $72.64.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 71,943 shares of company stock valued at $4,881,539 in the last 90 days. Insiders own 18.00% 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.