Fifth Third Wealth Advisors LLC Acquires 138 Shares of Fortinet, Inc. $FTNT

Fifth Third Wealth Advisors LLC grew its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,106 shares of the software maker’s stock after purchasing an additional 138 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Fortinet were worth $751,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Brighton Jones LLC grew its position in shares of Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after buying an additional 221 shares during the last quarter. Bison Wealth LLC purchased a new position in shares of Fortinet in the 4th quarter worth approximately $585,000. GAMMA Investing LLC grew its position in Fortinet by 18.9% during the 1st quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker’s stock worth $1,928,000 after purchasing an additional 3,189 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Fortinet by 4.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 17,739 shares of the software maker’s stock worth $1,708,000 after purchasing an additional 677 shares during the last quarter. Finally, Simon Quick Advisors LLC grew its position in Fortinet by 70.7% during the 1st quarter. Simon Quick Advisors LLC now owns 4,001 shares of the software maker’s stock worth $385,000 after purchasing an additional 1,657 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on FTNT. Scotiabank dropped their target price on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 7th. Truist Financial decreased their target price on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. Mizuho reduced their price objective on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a research report on Thursday, August 7th. Evercore ISI dropped their target price on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a report on Friday, August 8th. Finally, Royal Bank Of Canada dropped their price objective on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a 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 assigned a Sell rating to the company’s stock. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus target price of $97.03.

Fortinet Stock Performance

NASDAQ:FTNT opened at $83.06 on Monday. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. 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 firm’s fifty day moving average price is $81.72 and its 200 day moving average price is $94.52. The firm has a market cap of $63.64 billion, a price-to-earnings ratio of 33.09, a price-to-earnings-growth ratio of 3.13 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the company posted $0.57 EPS. The business’s revenue was up 13.6% on a year-over-year basis. On average, sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

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 stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% 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.