Mission Wealth Management LP Purchases New Position in Fortinet, Inc. (NASDAQ:FTNT)

Mission Wealth Management LP purchased a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 1,085 shares of the software maker’s stock, valued at approximately $258,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Fortinet by 24.9% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 27,104 shares of the software maker’s stock valued at $6,455,000 after buying an additional 5,403 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Fortinet by 9.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 650,689 shares of the software maker’s stock valued at $119,986,000 after buying an additional 53,462 shares in the last quarter. Eqis Capital Management Inc. grew its stake in shares of Fortinet by 379.2% in the 1st quarter. Eqis Capital Management Inc. now owns 11,855 shares of the software maker’s stock valued at $2,186,000 after buying an additional 9,381 shares in the last quarter. Illinois Municipal Retirement Fund grew its stake in shares of Fortinet by 2.8% in the 2nd quarter. Illinois Municipal Retirement Fund now owns 28,023 shares of the software maker’s stock valued at $6,675,000 after buying an additional 769 shares in the last quarter. Finally, Asset Management One Co. Ltd. grew its stake in shares of Fortinet by 2.8% in the 2nd quarter. Asset Management One Co. Ltd. now owns 107,000 shares of the software maker’s stock valued at $25,486,000 after buying an additional 2,931 shares in the last quarter. 68.50% of the stock is owned by institutional investors and hedge funds.

FTNT opened at $299.49 on Friday. The stock has a market cap of $48.91 billion, a PE ratio of 96.61, a P/E/G ratio of 7.68 and a beta of 1.12. The company has a current ratio of 1.96, a quick ratio of 1.88 and a debt-to-equity ratio of 0.94. Fortinet, Inc. has a 1 year low of $106.75 and a 1 year high of $322.00. The stock’s 50 day simple moving average is $293.07 and its 200-day simple moving average is $237.78.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Thursday, July 29th. The software maker reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.07. The business had revenue of $801.10 million for the quarter, compared to analysts’ expectations of $741.76 million. Fortinet had a return on equity of 49.90% and a net margin of 17.69%. During the same period in the previous year, the business posted $0.82 earnings per share. Equities analysts forecast that Fortinet, Inc. will post 2.84 earnings per share for the current fiscal year.

Several equities research analysts recently weighed in on FTNT shares. KeyCorp boosted their target price on Fortinet from $297.00 to $324.00 and gave the stock an “overweight” rating in a report on Friday, July 30th. Wedbush boosted their target price on Fortinet from $310.00 to $350.00 and gave the stock an “outperform” rating in a report on Monday, August 30th. Monness Crespi & Hardt lowered Fortinet from a “buy” rating to a “neutral” rating in a report on Tuesday, June 29th. They noted that the move was a valuation call. Mizuho boosted their target price on Fortinet from $260.00 to $290.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Barclays boosted their target price on Fortinet from $230.00 to $260.00 and gave the stock an “equal weight” rating in a report on Thursday, July 15th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $236.19.

In other news, VP Michael Xie sold 40,000 shares of the stock in a transaction on Tuesday, August 24th. The stock was sold at an average price of $301.27, for a total transaction of $12,050,800.00. Following the sale, the vice president now owns 5,978,451 shares in the company, valued at $1,801,127,932.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith Jensen sold 7,992 shares of the stock in a transaction on Tuesday, August 24th. The stock was sold at an average price of $301.31, for a total value of $2,408,069.52. Following the sale, the chief financial officer now owns 3,342 shares in the company, valued at approximately $1,006,978.02. The disclosure for this sale can be found here. Insiders sold 50,080 shares of company stock worth $15,046,015 over the last quarter. Company insiders own 18.60% of the company’s stock.

About Fortinet

Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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