Fortinet, Inc. (NASDAQ:FTNT) Shares Purchased by United Asset Strategies Inc.

United Asset Strategies Inc. increased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 47.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,451 shares of the software maker's stock after buying an additional 11,803 shares during the period. United Asset Strategies Inc.'s holdings in Fortinet were worth $2,197,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker's stock valued at $2,400,215,000 after acquiring an additional 30,542,551 shares in the last quarter. Swedbank AB bought a new stake in Fortinet during the 1st quarter valued at $548,013,000. Norges Bank acquired a new position in Fortinet during the fourth quarter worth $203,501,000. Van ECK Associates Corp lifted its stake in shares of Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker's stock valued at $346,890,000 after buying an additional 2,802,446 shares in the last quarter. Finally, Sarasin & Partners LLP acquired a new position in shares of Fortinet during the first quarter valued at about $120,746,000. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on FTNT. Robert W. Baird raised their price target on shares of Fortinet from $75.00 to $80.00 and gave the company an "outperform" rating in a research report on Wednesday, August 7th. Citigroup raised their target price on Fortinet from $65.00 to $66.00 and gave the company a "neutral" rating in a report on Wednesday, August 7th. TD Cowen upgraded Fortinet from a "hold" rating to a "buy" rating and set a $75.00 price target for the company in a report on Thursday, July 18th. StockNews.com cut Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Fortinet in a research note on Wednesday, August 7th. Twenty-four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of "Hold" and a consensus target price of $71.31.

Fortinet Price Performance

FTNT traded up $0.44 during trading on Monday, reaching $76.71. 3,585,700 shares of the company were exchanged, compared to its average volume of 5,777,495. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The company has a market cap of $58.68 billion, a price-to-earnings ratio of 50.14, a P/E/G ratio of 2.77 and a beta of 0.98. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $77.18. The company's 50-day moving average is $64.06 and its two-hundred day moving average is $64.45.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data 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 23.71% and a negative return on equity of 2,160.10%. Fortinet's revenue was up 10.9% compared to the same quarter last year. During the same period last year, the business earned $0.31 earnings per share. Research analysts forecast that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Fortinet news, VP Michael Xie sold 24,712 shares of the firm's stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William H. Neukom purchased 586 shares of the company's stock in a transaction on Thursday, June 6th. The shares were purchased at an average cost of $59.55 per share, with a total value of $34,896.30. Following the purchase, the director now owns 295,778 shares of the company's stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 115,608 shares of company stock worth $7,132,649. Insiders own 18.00% of the company's stock.

About Fortinet

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.