10,668 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by Larson Financial Group LLC

Larson Financial Group LLC acquired a new position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 10,668 shares of the software maker's stock, valued at approximately $643,000.

Several other institutional investors have also modified their holdings of FTNT. Winthrop Capital Management LLC acquired a new position in Fortinet in the first quarter worth approximately $25,000. Rise Advisors LLC raised its position in shares of 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 during the period. Vima LLC purchased a new stake in shares of Fortinet during the fourth quarter valued at $25,000. Oakworth Capital Inc. acquired a new position in shares of Fortinet in the 2nd quarter valued at $33,000. Finally, Creekmur Asset Management LLC purchased a new position in Fortinet in the 4th quarter worth about $32,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 24,267 shares of the company's stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the sale, the chief executive officer now directly owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Fortinet news, VP Michael Xie sold 24,712 shares of the business's stock in a transaction dated 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 transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Ken Xie sold 24,267 shares of the firm's stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the sale, the chief executive officer now directly owns 48,777,294 shares of the company's stock, valued at approximately $2,927,125,412.94. The disclosure for this sale can be found here. Insiders have sold 96,907 shares of company stock valued at $6,016,573 in the last 90 days. 18.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FTNT. Wells Fargo & Company raised their target price on shares of Fortinet from $62.00 to $64.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 7th. Citigroup lifted their price objective on shares of Fortinet from $65.00 to $66.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 7th. Rosenblatt Securities reduced their target price on Fortinet from $85.00 to $68.00 and set a "buy" rating for the company in a report on Monday, August 5th. DZ Bank upgraded Fortinet from a "sell" rating to a "hold" rating and set a $65.00 price target on the stock in a report on Thursday, August 8th. Finally, StockNews.com downgraded Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 29th. Twenty-four research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Fortinet currently has a consensus rating of "Hold" and an average price target of $71.31.

Fortinet Stock Performance

Shares of FTNT stock traded down $1.07 during trading hours on Thursday, reaching $75.80. 4,467,401 shares of the company's stock were exchanged, compared to its average volume of 5,760,667. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.08. 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 stock has a market capitalization of $57.91 billion, a P/E ratio of 49.54, a P/E/G ratio of 2.77 and a beta of 1.00. The business has a fifty day moving average price of $65.49 and a 200-day moving average price of $64.72.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results 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 23.71% and a negative return on equity of 2,160.10%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the business posted $0.31 EPS. The business's quarterly revenue was up 10.9% on a year-over-year basis. Analysts predict that Fortinet, Inc. will post 1.7 EPS for the current fiscal year.

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.