Fairfield Financial Advisors LTD Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

Fairfield Financial Advisors LTD bought a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 3,220 shares of the software maker’s stock, valued at approximately $194,000.

Other large investors have also added to or reduced their stakes in the company. Wilkins Investment Counsel Inc. raised its holdings in shares of Fortinet by 1.0% during the second quarter. Wilkins Investment Counsel Inc. now owns 182,392 shares of the software maker’s stock valued at $10,993,000 after purchasing an additional 1,742 shares during the period. J.W. Cole Advisors Inc. bought a new stake in Fortinet in the 2nd quarter valued at about $308,000. Inspire Advisors LLC raised its stake in Fortinet by 10.8% during the 2nd quarter. Inspire Advisors LLC now owns 9,852 shares of the software maker’s stock worth $594,000 after buying an additional 958 shares during the period. Leelyn Smith LLC boosted its holdings in Fortinet by 3.5% in the second quarter. Leelyn Smith LLC now owns 15,485 shares of the software maker’s stock worth $933,000 after acquiring an additional 530 shares in the last quarter. Finally, Thoroughbred Financial Services LLC acquired a new stake in Fortinet in the second quarter valued at approximately $310,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Up 0.7 %

FTNT stock opened at $75.01 on Monday. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $78.08. The stock has a market cap of $57.30 billion, a price-to-earnings ratio of 49.03, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The company’s 50 day moving average is $67.27 and its 200 day moving average is $64.98.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter last year, the business posted $0.31 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 1.7 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CEO Ken Xie sold 24,267 shares of Fortinet stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the transaction, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the transaction, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders sold a total of 72,672 shares of company stock valued at $4,573,864 over the last quarter. 18.00% of the stock is owned by corporate insiders.

Analyst Ratings Changes

FTNT has been the topic of a number of recent research reports. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a research note on Thursday, August 8th. Guggenheim downgraded Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. UBS Group boosted their price objective on Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Rosenblatt Securities dropped their target price on Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Finally, Susquehanna upped their price target on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Twenty-three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $71.57.

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.