3,054 Shares in Fortinet, Inc. (NASDAQ:FTNT) Bought by Buckley Wealth Management LLC

Buckley Wealth Management LLC purchased a new stake in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,054 shares of the software maker’s stock, valued at approximately $231,000.

Other institutional investors have also modified their holdings of the company. ST Germain D J Co. Inc. acquired a new position in shares of Fortinet during the fourth quarter valued at $26,000. SJS Investment Consulting Inc. boosted its holdings in shares of Fortinet by 1,947.6% in the first quarter. SJS Investment Consulting Inc. now owns 430 shares of the software maker’s stock valued at $29,000 after acquiring an additional 409 shares in the last quarter. North Star Investment Management Corp. increased its stake in shares of Fortinet by 85.1% during the first quarter. North Star Investment Management Corp. now owns 435 shares of the software maker’s stock valued at $29,000 after acquiring an additional 200 shares during the period. Retirement Group LLC acquired a new stake in Fortinet in the fourth quarter worth approximately $30,000. Finally, Resurgent Financial Advisors LLC bought a new position in Fortinet during the 4th quarter valued at $31,000. Institutional investors own 65.00% of the company’s stock.

Insider Activity at Fortinet

In other news, CFO Keith Jensen sold 5,100 shares of the business’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $57.20, for a total value of $291,720.00. Following the sale, the chief financial officer now directly owns 4,578 shares in the company, valued at $261,861.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Fortinet news, CFO Keith Jensen sold 5,100 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $57.20, for a total transaction of $291,720.00. Following the transaction, the chief financial officer now owns 4,578 shares of the company’s stock, valued at approximately $261,861.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom bought 552 shares of the company’s stock in a transaction dated Friday, September 8th. The stock was purchased at an average cost of $63.28 per share, for a total transaction of $34,930.56. Following the completion of the acquisition, the director now owns 291,551 shares in the company, valued at approximately $18,449,347.28. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 67,218 shares of company stock worth $4,429,412. 17.54% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of research analyst reports. The Goldman Sachs Group lifted their target price on Fortinet from $77.00 to $86.00 and gave the stock a “buy” rating in a report on Tuesday, July 25th. Citigroup decreased their price target on Fortinet from $73.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, August 29th. Rosenblatt Securities reissued a “neutral” rating and issued a $90.00 price target on shares of Fortinet in a research note on Wednesday, September 13th. TD Cowen lowered shares of Fortinet from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $90.00 to $70.00 in a research note on Friday, August 4th. Finally, Raymond James lowered their target price on Fortinet from $75.00 to $70.00 and set an “outperform” rating on the stock in a research note on Friday, August 4th. Ten equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $73.10.

Fortinet Stock Performance

FTNT stock opened at $60.45 on Tuesday. The stock has a market capitalization of $47.47 billion, a PE ratio of 45.45, a price-to-earnings-growth ratio of 2.69 and a beta of 1.16. The company has a debt-to-equity ratio of 3.09, a current ratio of 1.39 and a quick ratio of 1.29. The company has a 50 day moving average price of $66.53 and a 200 day moving average price of $66.92. Fortinet, Inc. has a fifty-two week low of $42.61 and a fifty-two week high of $81.24.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, August 3rd. The software maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.04. The company had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $1.30 billion. Fortinet had a net margin of 21.24% and a negative return on equity of 698.28%. The company’s revenue was up 25.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.18 EPS. Analysts forecast that Fortinet, Inc. will post 1.24 EPS for the current year.

Fortinet Profile

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.