Keeler Thomas Management LLC Buys Shares of 12,461 Fortinet, Inc. $FTNT

Keeler Thomas Management LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 12,461 shares of the software maker’s stock, valued at approximately $1,317,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Leelyn Smith LLC grew its holdings in shares of Fortinet by 0.9% during the 2nd quarter. Leelyn Smith LLC now owns 15,824 shares of the software maker’s stock valued at $1,673,000 after purchasing an additional 147 shares during the last quarter. CNB Bank lifted its position in shares of Fortinet by 225.0% in the 2nd quarter. CNB Bank now owns 663 shares of the software maker’s stock worth $70,000 after purchasing an additional 459 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Fortinet by 3.6% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,766,816 shares of the software maker’s stock worth $186,788,000 after purchasing an additional 61,616 shares during the period. Moloney Securities Asset Management LLC lifted its position in shares of Fortinet by 130.7% in the 2nd quarter. Moloney Securities Asset Management LLC now owns 9,171 shares of the software maker’s stock worth $970,000 after purchasing an additional 5,196 shares during the period. Finally, Bleakley Financial Group LLC bought a new stake in shares of Fortinet in the 2nd quarter valued at $1,088,000. 83.71% of the stock is owned by institutional investors.

Fortinet Price Performance

FTNT opened at $85.56 on Friday. The firm has a market cap of $65.56 billion, a P/E ratio of 34.09, a PEG ratio of 3.20 and a beta of 1.09. The firm has a 50-day moving average of $81.97 and a 200 day moving average of $93.93. 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 fifty-two week low of $70.12 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. The company had revenue of $1.63 billion during 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 firm’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 earnings per share. On average, research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 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 transaction of $15,607,701.28. Following the completion of the transaction, the chief executive officer 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 476,596 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 transaction of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. This represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Evercore ISI lowered their price objective on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research note on Friday, August 8th. Cowen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 7th. UBS Group decreased their price target on shares of Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. DZ Bank upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Friday, August 8th. Finally, Wedbush decreased their price target on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus 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.