Crewe Advisors LLC Has $108,000 Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Crewe Advisors LLC boosted its position in Fortinet, Inc. (NASDAQ:FTNT) by 12.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,800 shares of the software maker’s stock after purchasing an additional 195 shares during the period. Crewe Advisors LLC’s holdings in Fortinet were worth $108,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of FTNT. Blackhawk Capital Partners LLC. raised its position in Fortinet by 2.5% during the 2nd quarter. Blackhawk Capital Partners LLC. now owns 19,001 shares of the software maker’s stock worth $1,145,000 after purchasing an additional 468 shares during the last quarter. UMB Bank n.a. increased its stake in shares of Fortinet by 3.8% in the second quarter. UMB Bank n.a. now owns 5,981 shares of the software maker’s stock valued at $360,000 after buying an additional 220 shares during the period. Banco Santander S.A. raised its position in shares of Fortinet by 53.5% during the second quarter. Banco Santander S.A. now owns 239,738 shares of the software maker’s stock worth $14,449,000 after acquiring an additional 83,587 shares during the last quarter. Arkadios Wealth Advisors lifted its stake in shares of Fortinet by 2.2% in the second quarter. Arkadios Wealth Advisors now owns 32,237 shares of the software maker’s stock worth $1,943,000 after acquiring an additional 695 shares during the period. Finally, Liberty Capital Management Inc. boosted its holdings in Fortinet by 2.5% in the second quarter. Liberty Capital Management Inc. now owns 67,563 shares of the software maker’s stock valued at $4,072,000 after acquiring an additional 1,620 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on FTNT shares. Rosenblatt Securities dropped their price objective on Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Evercore ISI lowered their price objective on Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a research note on Friday, May 3rd. 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. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Finally, UBS Group increased their price target on shares of Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Twenty-four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $71.31.

Insider Activity

In related news, Director William H. Neukom purchased 586 shares of Fortinet stock in a transaction on Thursday, June 6th. The stock was acquired at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the transaction, the director now directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom acquired 586 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were purchased at an average cost of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the acquisition, the director now directly owns 295,778 shares in the company, valued at $17,613,579.90. The disclosure for this purchase can be found here. Insiders sold a total of 115,608 shares of company stock valued at $7,132,649 in the last 90 days. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Up 0.6 %

Shares of NASDAQ FTNT traded up $0.44 during trading on Friday, reaching $76.71. 3,585,014 shares of the company traded hands, compared to its average volume of 5,777,491. The stock has a market capitalization of $58.60 billion, a PE ratio of 50.14, a P/E/G ratio of 2.79 and a beta of 0.98. The firm has a 50 day simple moving average of $63.70 and a 200-day simple moving average of $64.48. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $77.18.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the business earned $0.31 EPS. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, research analysts predict that Fortinet, Inc. will post 1.47 EPS for the current year.

About Fortinet

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.