Brighton Jones LLC Purchases 12,609 Shares of Fortinet, Inc. $FTNT

Brighton Jones LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 103.8% during the second quarter, HoldingsChannel.com reports. The firm owned 24,761 shares of the software maker’s stock after buying an additional 12,609 shares during the period. Brighton Jones LLC’s holdings in Fortinet were worth $2,618,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Warther Private Wealth LLC increased its position in shares of Fortinet by 39.7% during the second quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock valued at $19,258,000 after purchasing an additional 51,750 shares during the period. Cooper Financial Group bought a new stake in Fortinet in the second quarter valued at $2,653,000. Mainstay Capital Management LLC ADV grew its position in Fortinet by 105.8% in the second quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock valued at $1,778,000 after acquiring an additional 8,643 shares during the period. Geneos Wealth Management Inc. grew its position in Fortinet by 40.7% in the first quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker’s stock valued at $7,045,000 after acquiring an additional 21,177 shares during the period. Finally, 1834 Investment Advisors Co. grew its position in Fortinet by 2.9% in the second quarter. 1834 Investment Advisors Co. now owns 12,332 shares of the software maker’s stock valued at $1,304,000 after acquiring an additional 353 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Price Performance

Shares of FTNT stock opened at $85.56 on Monday. The stock’s fifty day moving average is $81.97 and its 200-day moving average is $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. The stock has a market capitalization of $65.56 billion, a PE ratio of 34.09, a PEG ratio of 3.22 and a beta of 1.09. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the prior year, the business earned $0.57 earnings per share. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. Equities research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 158,486 shares of the company’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the transaction, the chief executive officer 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael Xie sold 476,596 shares of the company’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 transaction, the vice president directly owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents 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.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Stifel Nicolaus lowered their price target on Fortinet from $95.00 to $85.00 and set a “hold” rating on the stock in a research report on Thursday, August 7th. Morgan Stanley reiterated an “underweight” rating and issued a $67.00 price target (down from $78.00) on shares of Fortinet in a research report on Tuesday, September 2nd. Cowen cut Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. BMO Capital Markets lowered their price target on Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research report on Thursday, August 7th. Finally, TD Cowen restated a “hold” rating and set a $105.00 target price on shares of Fortinet in a report 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price 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.