Concord Wealth Partners Buys 1,000 Shares of Fortinet, Inc. $FTNT

Concord Wealth Partners grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2,325.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,043 shares of the software maker’s stock after acquiring an additional 1,000 shares during the period. Concord Wealth Partners’ holdings in Fortinet were worth $110,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of FTNT. Cooper Financial Group bought a new position in Fortinet in the second quarter worth approximately $2,653,000. Mainstay Capital Management LLC ADV raised its stake in Fortinet by 105.8% in the second quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock worth $1,778,000 after buying an additional 8,643 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in Fortinet by 40.7% in the first quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker’s stock worth $7,045,000 after buying an additional 21,177 shares in the last quarter. Ritholtz Wealth Management raised its stake in Fortinet by 38.4% in the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker’s stock worth $654,000 after buying an additional 1,885 shares in the last quarter. Finally, Castle Rock Wealth Management LLC raised its stake in Fortinet by 85.8% in the second quarter. Castle Rock Wealth Management LLC now owns 16,926 shares of the software maker’s stock worth $1,807,000 after buying an additional 7,818 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Insiders Place Their Bets

In other news, VP Michael Xie sold 476,596 shares of the business’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction 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. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is owned by insiders.

Fortinet Price Performance

Shares of FTNT opened at $84.20 on Tuesday. The firm has a market capitalization of $64.52 billion, a PE ratio of 33.55, a price-to-earnings-growth ratio of 3.13 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The company’s fifty day moving average price is $81.43 and its 200-day moving average price is $94.43.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.57 earnings per share. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on FTNT shares. KeyCorp downgraded shares of Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Finally, Barclays cut their price target on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $97.03.

Fortinet Company 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.