Fortinet, Inc. (NASDAQ:FTNT) Shares Bought by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC increased its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 300.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 12,544 shares of the software maker's stock after acquiring an additional 9,409 shares during the period. Pallas Capital Advisors LLC's holdings in Fortinet were worth $729,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Winthrop Capital Management LLC acquired a new position in shares of Fortinet in the 1st quarter worth approximately $25,000. Rise Advisors LLC lifted its stake in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker's stock worth $26,000 after purchasing an additional 217 shares in the last quarter. Vima LLC purchased a new position in shares of Fortinet during the fourth quarter worth $25,000. Oakworth Capital Inc. acquired a new stake in shares of Fortinet in the second quarter valued at $33,000. Finally, Creekmur Asset Management LLC purchased a new stake in shares of Fortinet in the 4th quarter valued at $32,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Analysts Set New Price Targets

FTNT has been the subject of a number of research analyst reports. Wedbush restated an "outperform" rating and set a $78.00 target price on shares of Fortinet in a report on Wednesday, August 7th. Truist Financial dropped their price objective on shares of Fortinet from $80.00 to $70.00 and set a "buy" rating for the company in a report on Friday, May 3rd. Robert W. Baird increased their target price on shares of Fortinet from $75.00 to $80.00 and gave the stock an "outperform" rating in a report on Wednesday, August 7th. Piper Sandler raised shares of Fortinet from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 7th. Finally, Rosenblatt Securities cut their price objective on Fortinet from $85.00 to $68.00 and set a "buy" rating on the stock in a research report on Monday, August 5th. Twenty-three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $71.31.

Fortinet Price Performance

Shares of FTNT traded down $0.15 during mid-day trading on Wednesday, reaching $75.42. 3,064,810 shares of the company's stock were exchanged, compared to its average volume of 5,887,771. The business's fifty day simple moving average is $61.52 and its 200-day simple moving average is $64.08. The stock has a market capitalization of $57.62 billion, a PE ratio of 49.29, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $76.31.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued 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 22.23% and a negative return on equity of 2,235.48%. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm posted $0.31 EPS. Fortinet's revenue for the quarter was up 10.9% on a year-over-year basis. Equities research analysts predict that Fortinet, Inc. will post 1.47 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Keith Jensen sold 18,701 shares of the firm's stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the sale, the chief financial officer now owns 4,663 shares in the company, valued at approximately $278,287.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director William H. Neukom acquired 586 shares of the company's stock in a transaction that occurred on Thursday, June 6th. The stock was purchased at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the transaction, the director now owns 295,778 shares in the company, valued at approximately $17,613,579.90. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith Jensen sold 18,701 shares of the firm's stock in a transaction dated 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 directly owns 4,663 shares in the company, valued at $278,287.84. The disclosure for this sale can be found here. Insiders sold a total of 115,608 shares of company stock valued at $7,132,649 over the last three months. 18.00% of the stock is currently owned by company insiders.

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.