Hennion & Walsh Asset Management Inc. Acquires 19,271 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Hennion & Walsh Asset Management Inc. increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 92.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 40,061 shares of the software maker's stock after buying an additional 19,271 shares during the period. Hennion & Walsh Asset Management Inc.'s holdings in Fortinet were worth $2,414,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. International Assets Investment Management LLC boosted its holdings in Fortinet by 5,645.7% in the fourth quarter. International Assets Investment Management LLC now owns 266,312 shares of the software maker's stock valued at $15,587,000 after purchasing an additional 261,677 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Fortinet by 149.0% in the fourth quarter. Federated Hermes Inc. now owns 59,829 shares of the software maker's stock valued at $3,502,000 after purchasing an additional 35,803 shares in the last quarter. abrdn plc boosted its holdings in Fortinet by 66.9% in the fourth quarter. abrdn plc now owns 325,017 shares of the software maker's stock valued at $19,023,000 after purchasing an additional 130,308 shares in the last quarter. Hussman Strategic Advisors Inc. acquired a new position in Fortinet in the fourth quarter valued at approximately $1,229,000. Finally, Sage Mountain Advisors LLC boosted its holdings in Fortinet by 1.5% in the fourth quarter. Sage Mountain Advisors LLC now owns 67,069 shares of the software maker's stock valued at $3,926,000 after purchasing an additional 975 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Trading Up 1.1 %

Shares of FTNT stock traded up $0.80 during mid-day trading on Tuesday, reaching $75.57. The stock had a trading volume of 5,731,517 shares, compared to its average volume of 5,905,403. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $76.31. The company has a market cap of $57.73 billion, a P/E ratio of 49.39, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. The business has a 50-day simple moving average of $61.52 and a 200 day simple moving average of $64.08.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced 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. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The business had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.40 billion. During the same quarter last year, the business posted $0.31 earnings per share. The business's revenue for the quarter was up 10.9% on a year-over-year basis. Research analysts anticipate that Fortinet, Inc. will post 1.47 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FTNT shares. Morgan Stanley lowered their price target on Fortinet from $73.00 to $69.00 and set an "overweight" rating for the company in a report on Wednesday, July 17th. Susquehanna upped their price target on Fortinet from $65.00 to $70.00 and gave the company a "neutral" rating in a report on Thursday, August 8th. Wells Fargo & Company increased their price objective on Fortinet from $62.00 to $64.00 and gave the company an "equal weight" rating in a report on Wednesday, August 7th. BMO Capital Markets increased their price objective on Fortinet from $70.00 to $76.00 and gave the company a "market perform" rating in a report on Wednesday, August 7th. Finally, Royal Bank of Canada increased their price objective on Fortinet from $68.00 to $72.00 and gave the company a "sector perform" rating in a report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $71.31.

Insider Activity

In other news, CFO Keith Jensen sold 18,701 shares of the firm's stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the transaction, the chief financial officer now owns 4,663 shares in the company, valued at $278,287.84. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Keith Jensen sold 18,701 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the sale, the chief financial officer now owns 4,663 shares of the company's stock, valued at $278,287.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now directly 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 115,608 shares of company stock worth $7,132,649 over the last 90 days. 18.00% of the stock is currently owned by corporate insiders.

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.