Fortinet, Inc. $FTNT Shares Bought by CVA Family Office LLC

CVA Family Office LLC lifted its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,201 shares of the software maker’s stock after purchasing an additional 130 shares during the quarter. CVA Family Office LLC’s holdings in Fortinet were worth $127,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in FTNT. Saudi Central Bank acquired a new stake in Fortinet during the first quarter valued at $25,000. Clearstead Trust LLC acquired a new stake in shares of Fortinet during the 1st quarter valued at about $28,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after purchasing an additional 284 shares in the last quarter. Wayfinding Financial LLC acquired a new position in Fortinet in the 1st quarter worth about $36,000. Finally, Mechanics Financial Corp purchased a new position in Fortinet during the first quarter worth approximately $36,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Performance

NASDAQ:FTNT opened at $85.56 on Friday. The company has a market cap of $65.56 billion, a P/E ratio of 34.09, a P/E/G ratio of 3.22 and a beta of 1.09. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company’s 50-day moving average price is $81.97 and its 200-day moving average price is $93.97. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT) last released its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The business 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 revenue was up 13.6% on a year-over-year basis. During the same period last year, the company posted $0.57 EPS. On average, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the subject of several research analyst reports. Mizuho reduced their target price on Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a research note on Thursday, August 7th. Wells Fargo & Company reduced 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. Rosenblatt Securities reiterated a “neutral” rating and issued a $85.00 target price (down previously from $125.00) on shares of Fortinet 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 target for the company in a research report on Friday, August 8th. Finally, Barclays decreased their price target on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $97.03.

Insiders Place Their Bets

In other news, VP Michael Xie sold 476,596 shares of the business’s stock in a transaction dated 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 transaction, the vice president 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 158,486 shares of the company’s 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 sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

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.