JSF Financial LLC Takes Position in Fortinet, Inc. $FTNT

JSF Financial LLC acquired a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the second quarter, HoldingsChannel reports. The institutional investor acquired 9,488 shares of the software maker’s stock, valued at approximately $1,003,000.

A number of other institutional investors have also recently modified their holdings of the stock. Saudi Central Bank bought a new position in Fortinet in the 1st quarter worth about $25,000. SJS Investment Consulting Inc. raised its holdings in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after buying an additional 225 shares during the last quarter. Clearstead Trust LLC bought a new position in shares of Fortinet in the first quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after buying an additional 284 shares in the last quarter. Finally, ORG Partners LLC lifted its stake in shares of Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after buying an additional 112 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several analyst reports. Royal Bank Of Canada reduced their price target on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a research report on Thursday, August 7th. BMO Capital Markets cut their target price on Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research note on Thursday, August 7th. TD Cowen reaffirmed a “hold” rating and set a $105.00 price target on shares of Fortinet in a report on Thursday, August 7th. Wedbush lowered their price target on Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a report on Thursday, August 7th. Finally, Scotiabank decreased their target price on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $97.03.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

Fortinet Stock Performance

NASDAQ FTNT opened at $85.79 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The stock has a market capitalization of $65.74 billion, a PE ratio of 34.18, a P/E/G ratio of 3.24 and a beta of 1.09. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The business has a 50 day simple moving average of $83.35 and a two-hundred day simple moving average of $95.06.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The firm 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 quarterly revenue was up 13.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.57 EPS. On average, research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.