Belpointe Asset Management LLC Acquires Shares of 478 Fortinet, Inc. (NASDAQ:FTNT)

Belpointe Asset Management LLC acquired a new stake in Fortinet, Inc. (NASDAQ:FTNT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 478 shares of the software maker’s stock, valued at approximately $114,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. TCI Wealth Advisors Inc. increased its stake in Fortinet by 33.0% in the 2nd quarter. TCI Wealth Advisors Inc. now owns 141 shares of the software maker’s stock valued at $34,000 after buying an additional 35 shares during the period. Jacobi Capital Management LLC increased its stake in Fortinet by 102.2% in the 1st quarter. Jacobi Capital Management LLC now owns 188 shares of the software maker’s stock valued at $35,000 after buying an additional 95 shares during the period. Ameritas Investment Company LLC acquired a new position in Fortinet in the 1st quarter valued at $44,000. Harbour Investments Inc. acquired a new position in Fortinet in the 1st quarter valued at $51,000. Finally, Berman Capital Advisors LLC increased its stake in Fortinet by 100.0% in the 1st quarter. Berman Capital Advisors LLC now owns 286 shares of the software maker’s stock valued at $51,000 after buying an additional 143 shares during the period. 68.50% of the stock is currently owned by institutional investors.

In other Fortinet news, VP Michael Xie sold 40,000 shares of the stock in a transaction that occurred on Tuesday, August 24th. The shares were sold at an average price of $301.27, for a total value of $12,050,800.00. Following the completion of the sale, the vice president now owns 5,978,451 shares of the company’s stock, valued at $1,801,127,932.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 7,992 shares of the stock in a transaction that occurred on Tuesday, August 24th. The shares were sold at an average price of $301.31, for a total transaction of $2,408,069.52. Following the completion of the sale, the chief financial officer now directly owns 3,342 shares of the company’s stock, valued at approximately $1,006,978.02. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,080 shares of company stock valued at $15,046,015. Corporate insiders own 18.60% of the company’s stock.

Shares of FTNT stock opened at $304.06 on Friday. The firm has a market cap of $49.66 billion, a P/E ratio of 98.08, a PEG ratio of 7.68 and a beta of 1.12. Fortinet, Inc. has a 1-year low of $106.75 and a 1-year high of $322.00. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.96 and a quick ratio of 1.88. The firm’s 50-day simple moving average is $292.21 and its 200-day simple moving average is $236.46.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, July 29th. The software maker reported $0.95 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.07. The firm had revenue of $801.10 million during the quarter, compared to the consensus estimate of $741.76 million. Fortinet had a net margin of 17.69% and a return on equity of 49.90%. During the same quarter in the prior year, the company earned $0.82 EPS. Analysts expect that Fortinet, Inc. will post 2.84 earnings per share for the current fiscal year.

A number of equities analysts have recently weighed in on the stock. Monness Crespi & Hardt cut shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 29th. They noted that the move was a valuation call. KeyCorp upped their price target on shares of Fortinet from $297.00 to $324.00 and gave the stock an “overweight” rating in a research note on Friday, July 30th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Fortinet from $242.00 to $250.00 and gave the stock a “hold” rating in a research note on Friday, July 30th. Piper Sandler upped their price target on shares of Fortinet from $205.00 to $265.00 and gave the stock a “neutral” rating in a research note on Friday, July 9th. Finally, Mizuho upped their price target on shares of Fortinet from $260.00 to $290.00 and gave the stock a “neutral” rating in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $236.19.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity solutions to variety of business, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security; Infrastructure Security; Cloud Security; and Endpoint Protection, Internet of Things and Operational Technology.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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