Executive Wealth Management LLC Acquires 2,313 Shares of Fortinet Inc (NASDAQ:FTNT)

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Executive Wealth Management LLC increased its holdings in shares of Fortinet Inc (NASDAQ:FTNT) by 14.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,003 shares of the software maker’s stock after purchasing an additional 2,313 shares during the quarter. Executive Wealth Management LLC’s holdings in Fortinet were worth $1,383,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in FTNT. Valeo Financial Advisors LLC lifted its holdings in Fortinet by 2,117.4% in the second quarter. Valeo Financial Advisors LLC now owns 510 shares of the software maker’s stock valued at $39,000 after acquiring an additional 487 shares during the period. Bremer Bank National Association bought a new position in Fortinet in the first quarter valued at about $44,000. Amica Retiree Medical Trust bought a new position in Fortinet in the second quarter valued at about $51,000. CWM LLC lifted its holdings in Fortinet by 299.6% in the second quarter. CWM LLC now owns 991 shares of the software maker’s stock valued at $76,000 after acquiring an additional 743 shares during the period. Finally, Bessemer Group Inc. lifted its holdings in Fortinet by 32.0% in the second quarter. Bessemer Group Inc. now owns 1,027 shares of the software maker’s stock valued at $79,000 after acquiring an additional 249 shares during the period. 72.38% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ FTNT opened at $83.91 on Wednesday. The stock has a 50-day moving average of $82.42. Fortinet Inc has a 52 week low of $64.41 and a 52 week high of $96.96. The company has a market capitalization of $13.98 billion, a P/E ratio of 74.26, a P/E/G ratio of 3.81 and a beta of 1.08.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, August 1st. The software maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.30 by $0.28. Fortinet had a return on equity of 23.96% and a net margin of 19.07%. The firm had revenue of $521.70 million for the quarter, compared to the consensus estimate of $511.38 million. During the same quarter last year, the company earned $0.41 earnings per share. The business’s revenue for the quarter was up 18.2% compared to the same quarter last year. Equities analysts predict that Fortinet Inc will post 1.42 earnings per share for the current fiscal year.

In related news, Director Christopher B. Paisley sold 1,000 shares of the stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $81.62, for a total transaction of $81,620.00. Following the completion of the sale, the director now owns 72,621 shares in the company, valued at $5,927,326.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John Whittle sold 1,250 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $75.23, for a total value of $94,037.50. Following the sale, the vice president now owns 9,309 shares of the company’s stock, valued at approximately $700,316.07. The disclosure for this sale can be found here. Insiders have sold 57,722 shares of company stock valued at $4,266,421 in the last quarter. 17.20% of the stock is currently owned by company insiders.

A number of research analysts have weighed in on the company. Northland Securities reissued a “buy” rating and issued a $100.00 target price on shares of Fortinet in a report on Friday, May 3rd. Stifel Nicolaus increased their target price on Fortinet from $85.00 to $95.00 and gave the company a “hold” rating in a report on Tuesday, April 16th. Cowen assumed coverage on Fortinet in a report on Thursday, May 23rd. They issued a “market perform” rating and a $85.00 target price on the stock. Evercore ISI reissued a “hold” rating and issued a $80.00 target price on shares of Fortinet in a report on Tuesday, May 7th. Finally, Barclays reissued a “hold” rating and issued a $99.00 target price on shares of Fortinet in a report on Sunday, August 4th. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $87.96.

Fortinet Company Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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