Consilium Wealth Advisory LLC Acquires 5,216 Shares of Fortinet, Inc. $FTNT

Consilium Wealth Advisory LLC increased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 96.0% during the 2nd quarter, HoldingsChannel reports. The firm owned 10,651 shares of the software maker’s stock after purchasing an additional 5,216 shares during the period. Consilium Wealth Advisory LLC’s holdings in Fortinet were worth $1,126,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Fortinet by 2.2% during the 1st quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock valued at $824,999,000 after purchasing an additional 181,835 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Fortinet by 17.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after purchasing an additional 1,026,277 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Fortinet by 0.8% during the 1st quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock valued at $627,573,000 after purchasing an additional 49,238 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Fortinet by 40.9% during the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after purchasing an additional 1,733,670 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 0.6%

Shares of Fortinet stock opened at $85.79 on Friday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The stock has a market cap of $65.74 billion, a P/E ratio of 34.18, a P/E/G ratio of 3.26 and a beta of 1.09. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The business’s 50 day moving average is $83.35 and its 200-day moving average is $95.08.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $1.63 billion. During the same quarter in the prior year, the business posted $0.57 EPS. The business’s revenue was up 13.6% compared to the same quarter last year. Equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on FTNT shares. Mizuho cut their target price on Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a research note on Thursday, August 7th. KeyCorp cut Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. DZ Bank upgraded Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research note on Friday, August 8th. Truist Financial cut their target price on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. cut their target price on Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $97.03.

Insider Buying and Selling

In related news, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 476,596 shares of the business’s 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 transaction, the vice president directly owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

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.