Fortinet, Inc. $FTNT Stock Purchased by Lido Advisors LLC

Lido Advisors LLC lifted its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 192,248 shares of the software maker’s stock after acquiring an additional 12,564 shares during the quarter. Lido Advisors LLC’s holdings in Fortinet were worth $34,366,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Dunhill Financial LLC bought a new stake in Fortinet in the second quarter valued at $25,000. Burk Holdings LLC purchased a new position in Fortinet during the 2nd quarter valued at $25,000. Cornerstone Financial Management LLC increased its position in Fortinet by 102.5% during the 2nd quarter. Cornerstone Financial Management LLC now owns 164 shares of the software maker’s stock valued at $25,000 after purchasing an additional 83 shares during the period. Timbuktu Capital Management LLC bought a new position in Fortinet in the 2nd quarter worth $31,000. Finally, Elevation Wealth Partners LLC raised its holdings in Fortinet by 53.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 215 shares of the software maker’s stock worth $33,000 after purchasing an additional 75 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, VP Michael Xie sold 3,121 shares of the business’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $129.49, for a total transaction of $404,138.29. Following the sale, the vice president owned 9,918,360 shares in the company, valued at approximately $1,284,328,436.40. The trade was a 0.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ken Xie sold 161,483 shares of the company’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $129.31, for a total transaction of $20,881,366.73. Following the completion of the sale, the chief executive officer directly owned 52,972,372 shares in the company, valued at $6,849,857,423.32. This represents a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 221,304 shares of company stock worth $30,675,309. Corporate insiders own 17.60% of the company’s stock.

Fortinet Trading Up 0.9%

NASDAQ FTNT opened at $123.57 on Wednesday. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 0.22. Fortinet, Inc. has a twelve month low of $73.55 and a twelve month high of $197.13. The firm has a market capitalization of $90.79 billion, a PE ratio of 40.12, a P/E/G ratio of 2.35 and a beta of 1.04. The stock’s 50 day moving average is $166.24 and its 200 day moving average is $129.96.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, October 28th. The software maker reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.05. The company had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.06 billion. Fortinet had a return on equity of 152.72% and a net margin of 28.96%. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.74 earnings per share. Research analysts forecast that Fortinet, Inc. will post 3.21 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on FTNT shares. Piper Sandler set a $140.00 target price on shares of Fortinet and gave the stock a “neutral” rating in a research report on Thursday, October 29th. Bank of America lowered shares of Fortinet from a “buy” rating to a “neutral” rating and set a $140.00 target price on the stock. in a research note on Thursday, October 29th. Wolfe Research set a $175.00 price target on shares of Fortinet in a research report on Thursday, July 30th. Stephens increased their price target on shares of Fortinet from $160.00 to $165.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 30th. Finally, HC Wainwright reissued a “buy” rating on shares of Fortinet in a research note on Thursday, July 30th. Eleven research analysts have rated the stock with a Buy rating, twenty-four have assigned a Hold rating and six have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $150.44.

About Fortinet

Fortinet, Inc. is a cybersecurity and networking company that provides products and services to help organizations protect their networks, devices, applications, and cloud environments. Its offerings include FortiGate next-generation firewalls, the FortiOS operating system, and security, endpoint, cloud, and secure access service edge (SASE) solutions. The company’s Security Fabric platform is designed to integrate security and networking products and support centralized visibility and management.