Resonant Capital Advisors LLC Has $374,000 Holdings in Fortinet, Inc. $FTNT

Resonant Capital Advisors LLC increased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 13.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,541 shares of the software maker’s stock after purchasing an additional 415 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Fortinet were worth $374,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent analyst reports. Barclays dropped 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 report on Thursday, August 7th. BMO Capital Markets dropped their target price on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a report on Thursday, August 7th. Erste Group Bank downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. Rosenblatt Securities reissued a “neutral” rating and issued a $85.00 price objective (down from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Finally, KeyCorp lowered Fortinet from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $97.03.

Fortinet Trading Down 0.3%

NASDAQ FTNT opened at $85.29 on Tuesday. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The business has a 50 day moving average price of $82.06 and a 200-day moving average price of $93.83. The company has a market cap of $65.36 billion, a price-to-earnings ratio of 33.98, a P/E/G ratio of 3.22 and a beta of 1.09.

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

Insider Transactions at Fortinet

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 completion of 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 158,486 shares of the firm’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 transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is owned by company insiders.

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.