St. Johns Investment Management Company LLC Purchases 1,219 Shares of Fortinet, Inc. $FTNT

St. Johns Investment Management Company LLC grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 19.3% in the second quarter, HoldingsChannel.com reports. The fund owned 7,521 shares of the software maker’s stock after buying an additional 1,219 shares during the quarter. St. Johns Investment Management Company LLC’s holdings in Fortinet were worth $795,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of FTNT. Brighton Jones LLC raised its stake in shares of Fortinet by 2.2% in the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after acquiring an additional 221 shares during the last quarter. Bison Wealth LLC bought a new position in Fortinet in the 4th quarter worth approximately $585,000. GAMMA Investing LLC raised its position in Fortinet by 18.9% in 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. Advisor Resource Council bought a new position in Fortinet in the 1st quarter worth approximately $264,000. Finally, Oppenheimer & Co. Inc. raised its position in Fortinet by 13.3% in the 1st quarter. Oppenheimer & Co. Inc. now owns 41,138 shares of the software maker’s stock worth $3,960,000 after purchasing an additional 4,845 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

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 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 $958,265,548.80. The trade was a 4.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 completion of the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several research analyst reports. Wells Fargo & Company dropped their price objective on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a research report on Thursday, August 7th. Mizuho dropped 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. DZ Bank upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a research report on Friday, August 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Fortinet in a research report on Wednesday, October 8th. Finally, Rosenblatt Securities restated a “neutral” rating and issued a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Fortinet has a consensus rating of “Hold” and an average target price of $97.03.

Fortinet Price Performance

FTNT opened at $84.78 on Wednesday. The company has a fifty day moving average price of $81.58 and a two-hundred day moving average price of $94.04. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The firm has a market capitalization of $64.96 billion, a PE ratio of 33.78, a P/E/G ratio of 3.20 and a beta of 1.09.

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