Fortinet, Inc. $FTNT Stake Lifted by Delta Investment Management LLC

Delta Investment Management LLC increased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 3.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,625 shares of the software maker’s stock after acquiring an additional 208 shares during the period. Delta Investment Management LLC’s holdings in Fortinet were worth $595,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Dover Advisors LLC boosted its holdings in shares of Fortinet by 1.0% in the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after acquiring an additional 94 shares in the last quarter. Balboa Wealth Partners boosted its holdings in shares of Fortinet by 4.3% in the second quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after acquiring an additional 96 shares in the last quarter. Hemington Wealth Management boosted its holdings in shares of Fortinet by 13.2% in the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock valued at $89,000 after acquiring an additional 99 shares in the last quarter. Peloton Wealth Strategists boosted its holdings in Fortinet by 2.4% during the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after buying an additional 100 shares in the last quarter. Finally, Trust Co. of Vermont boosted its holdings in Fortinet by 3.6% during the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after buying an additional 100 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred 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 sale, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This represents a 4.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, 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 corporate insiders.

Fortinet Trading Up 0.7%

Fortinet stock opened at $85.56 on Monday. The company has a 50 day moving average price of $81.97 and a 200 day moving average price of $93.93. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. 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 firm has a market capitalization of $65.56 billion, a price-to-earnings ratio of 34.09, a P/E/G ratio of 3.22 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data 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 last year, the business posted $0.57 EPS. The company’s revenue was up 13.6% on a year-over-year basis. Research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

FTNT has been the subject of a number of research reports. Stifel Nicolaus reduced their target price on shares of Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a report on Thursday, August 7th. Cantor Fitzgerald raised their target price on shares of Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, July 16th. Mizuho reduced their target price on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a report on Thursday, August 7th. Evercore ISI reduced their target price on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a report on Friday, August 8th. Finally, Royal Bank Of Canada reduced their target price on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a report on Thursday, August 7th. Two research 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $97.03.

Fortinet 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.