Johnson Investment Counsel Inc. trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 1.5% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 17,768 shares of the software maker’s stock after selling 264 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Fortinet were worth $1,878,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the stock. waypoint wealth counsel lifted its position in shares of Fortinet by 62.6% during the 2nd quarter. waypoint wealth counsel now owns 4,103 shares of the software maker’s stock valued at $434,000 after acquiring an additional 1,579 shares during the period. 1858 Wealth Management LLC bought a new stake in shares of Fortinet during the 2nd quarter valued at $257,000. Hemington Wealth Management lifted its position in shares of Fortinet by 13.2% during the 2nd quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock valued at $89,000 after acquiring an additional 99 shares during the period. Fifth Third Wealth Advisors LLC lifted its position in shares of Fortinet by 2.0% during the 2nd quarter. Fifth Third Wealth Advisors LLC now owns 7,106 shares of the software maker’s stock valued at $751,000 after acquiring an additional 138 shares during the period. Finally, Natural Investments LLC bought a new stake in shares of Fortinet during the 2nd quarter valued at $240,000. 83.71% of the stock is currently owned by institutional investors.
Insider Activity
In other news, CEO Ken Xie sold 158,486 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company’s stock.
Wall Street Analysts Forecast Growth
Check Out Our Latest Report on Fortinet
Fortinet Price Performance
Shares of FTNT opened at $84.20 on Tuesday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The business has a 50-day simple moving average of $81.43 and a two-hundred day simple moving average of $94.43. 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 stock has a market cap of $64.52 billion, a PE ratio of 33.55, a PEG ratio of 3.13 and a beta of 1.09.
Fortinet (NASDAQ:FTNT – Get Free Report) last issued its earnings results 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 business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the prior year, the firm earned $0.57 EPS. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. Analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share 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.
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