Patriot Financial Group Insurance Agency LLC Increases Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Patriot Financial Group Insurance Agency LLC grew its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 52.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,663 shares of the software maker's stock after purchasing an additional 6,394 shares during the period. Patriot Financial Group Insurance Agency LLC's holdings in Fortinet were worth $1,125,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. TFO Wealth Partners LLC increased its holdings in Fortinet by 72,668.0% during the 4th quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker's stock worth $1,065,000 after purchasing an additional 18,167 shares in the last quarter. LGT Group Foundation raised its stake in shares of Fortinet by 14.4% in the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker's stock valued at $44,478,000 after buying an additional 94,475 shares during the period. Y.D. More Investments Ltd lifted its position in shares of Fortinet by 101.4% during the 4th quarter. Y.D. More Investments Ltd now owns 61,964 shares of the software maker's stock valued at $3,627,000 after buying an additional 31,198 shares during the last quarter. Sanibel Captiva Trust Company Inc. bought a new position in shares of Fortinet during the 4th quarter worth $10,394,000. Finally, Janney Montgomery Scott LLC increased its holdings in Fortinet by 121.4% in the 4th quarter. Janney Montgomery Scott LLC now owns 244,879 shares of the software maker's stock worth $14,333,000 after acquiring an additional 134,265 shares during the last quarter. Institutional investors own 83.71% of the company's stock.

Fortinet Price Performance

Fortinet stock traded down $0.36 during trading hours on Wednesday, reaching $75.61. The company had a trading volume of 2,632,418 shares, compared to its average volume of 5,807,055. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $76.31. The company has a 50-day moving average price of $63.33 and a 200 day moving average price of $64.40. The firm has a market cap of $57.76 billion, a price-to-earnings ratio of 49.42, a P/E/G ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm's revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.31 EPS. As a group, research analysts expect that Fortinet, Inc. will post 1.47 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Morgan Stanley dropped their price objective on shares of Fortinet from $73.00 to $69.00 and set an "overweight" rating on the stock in a report on Wednesday, July 17th. StockNews.com upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a research note on Wednesday, August 7th. Robert W. Baird increased their target price on Fortinet from $75.00 to $80.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 7th. UBS Group lifted their price target on Fortinet from $69.00 to $70.00 and gave the company a "neutral" rating in a research report on Wednesday, August 7th. Finally, Piper Sandler raised Fortinet from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Fortinet currently has an average rating of "Hold" and an average target price of $71.31.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the sale, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Fortinet news, CEO Ken Xie sold 23,693 shares of the company's stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Keith Jensen sold 18,701 shares of the business's stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the transaction, the chief financial officer now owns 4,663 shares in the company, valued at approximately $278,287.84. The disclosure for this sale can be found here. Insiders have sold 115,608 shares of company stock valued at $7,132,649 over the last ninety days. 18.00% of the stock is owned by 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.