Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Lifestyle Asset Management Inc.

Lifestyle Asset Management Inc. grew its position in Fortinet, Inc. (NASDAQ:FTNT) by 13.3% during the third quarter, Holdings Channel.com reports. The firm owned 4,615 shares of the software maker’s stock after acquiring an additional 543 shares during the period. Lifestyle Asset Management Inc.’s holdings in Fortinet were worth $358,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Eastern Bank acquired a new stake in Fortinet in the third quarter valued at $25,000. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet during the 1st quarter worth about $25,000. Private Wealth Management Group LLC lifted its stake in Fortinet by 73.3% during the third quarter. Private Wealth Management Group LLC now owns 409 shares of the software maker’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. City State Bank boosted its holdings in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Finally, Oakworth Capital Inc. purchased a new position in Fortinet in the second quarter valued at approximately $33,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on FTNT shares. Hsbc Global Res raised shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a research note on Wednesday, August 7th. Morgan Stanley reduced their price objective on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Finally, DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $74.68.

Fortinet Stock Performance

NASDAQ FTNT opened at $83.68 on Friday. The business’s 50-day simple moving average is $78.43 and its 200-day simple moving average is $67.93. The firm has a market capitalization of $64.01 billion, a P/E ratio of 49.52, a P/E/G ratio of 2.78 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $49.44 and a 1-year high of $83.83. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the firm earned $0.31 earnings per share. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. Equities analysts predict that Fortinet, Inc. will post 1.75 EPS for the current year.

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.