HHM Wealth Advisors LLC Grows Stake in Fortinet, Inc. (NASDAQ:FTNT)

HHM Wealth Advisors LLC grew its position in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 5.2% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,383 shares of the software maker’s stock after buying an additional 266 shares during the quarter. HHM Wealth Advisors LLC’s holdings in Fortinet were worth $324,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Simplicity Wealth LLC raised its holdings in shares of Fortinet by 2.2% in the 2nd quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after purchasing an additional 174 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its stake in Fortinet by 22.4% in the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after buying an additional 180 shares in the last quarter. Werlinich Asset Management LLC lifted its holdings in Fortinet by 1.7% during the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after buying an additional 180 shares during the period. Mount Yale Investment Advisors LLC increased its holdings in shares of Fortinet by 0.9% in the 1st quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after acquiring an additional 185 shares during the period. Finally, STF Management LP grew its stake in Fortinet by 1.5% in the fourth quarter. STF Management LP now owns 12,917 shares of the software maker’s stock valued at $756,000 after purchasing an additional 187 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on 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 completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a document filed with the SEC, which is available at this link. In other 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 directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction 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 transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,672 shares of company stock worth $4,573,864. 18.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Cantor Fitzgerald upped their price target on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Scotiabank increased their price target on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, August 7th. BMO Capital Markets boosted their price target on Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Finally, TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Thursday, July 18th. Twenty-three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Fortinet has an average rating of “Hold” and an average target price of $71.31.

Check Out Our Latest Stock Report on FTNT

Fortinet Stock Performance

NASDAQ:FTNT opened at $76.07 on Wednesday. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $78.08. The company has a fifty day simple moving average of $66.40 and a two-hundred day simple moving average of $64.85. 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 $58.11 billion, a price-to-earnings ratio of 49.72, a price-to-earnings-growth ratio of 2.71 and a beta of 0.99.

Fortinet (NASDAQ:FTNTGet Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the prior year, the business earned $0.31 EPS. Fortinet’s revenue was up 10.9% on a year-over-year basis. As a group, equities analysts anticipate that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Fortinet Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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