OneAscent Wealth Management LLC Takes Position in Fortinet, Inc. (NASDAQ:FTNT)

OneAscent Wealth Management LLC acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNT) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,839 shares of the software maker’s stock, valued at approximately $366,000.

Other institutional investors have also recently bought and sold shares of the company. Covestor Ltd increased its holdings in Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after buying an additional 57 shares during the last quarter. SJS Investment Consulting Inc. raised its holdings in shares of Fortinet by 1,947.6% during the 1st quarter. SJS Investment Consulting Inc. now owns 430 shares of the software maker’s stock valued at $29,000 after purchasing an additional 409 shares in the last quarter. Zions Bancorporation N.A. lifted its stake in shares of Fortinet by 20.4% in the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after purchasing an additional 73 shares during the last quarter. North Star Investment Management Corp. boosted its holdings in Fortinet by 85.1% in the first quarter. North Star Investment Management Corp. now owns 435 shares of the software maker’s stock worth $29,000 after purchasing an additional 200 shares in the last quarter. Finally, Nvwm LLC increased its position in Fortinet by 178.8% during the first quarter. Nvwm LLC now owns 474 shares of the software maker’s stock worth $32,000 after buying an additional 304 shares during the last quarter. Institutional investors and hedge funds own 65.00% of the company’s stock.

Fortinet Price Performance

Shares of FTNT traded down $2.08 during trading hours on Friday, hitting $61.02. The stock had a trading volume of 10,314,018 shares, compared to its average volume of 5,492,537. The stock has a market capitalization of $47.92 billion, a price-to-earnings ratio of 45.88, a P/E/G ratio of 2.76 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’s fifty day moving average is $66.88 and its two-hundred day moving average is $66.81. Fortinet, Inc. has a 52 week low of $42.61 and a 52 week high of $81.24.

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

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 5,100 shares of the stock in a transaction 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 sale, the chief financial officer now owns 4,578 shares in the company, valued at $261,861.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Patrice Perche sold 7,530 shares of the business’s stock in a transaction that occurred on Wednesday, June 21st. The shares were sold at an average price of $71.15, for a total value of $535,759.50. Following the completion of the transaction, the executive vice president now owns 25,730 shares in the company, valued at approximately $1,830,689.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith Jensen sold 5,100 shares of the stock in a transaction on Friday, August 18th. The shares were sold at an average price of $57.20, for a total value of $291,720.00. Following the completion of the transaction, the chief financial officer now owns 4,578 shares in the company, valued at $261,861.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 67,218 shares of company stock worth $4,429,412. 17.54% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. TD Cowen downgraded Fortinet from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $90.00 to $70.00 in a research note on Friday, August 4th. Citigroup decreased their target price on Fortinet from $73.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, August 29th. The Goldman Sachs Group boosted their price objective on shares of Fortinet from $77.00 to $86.00 and gave the stock a “buy” rating in a research note on Tuesday, July 25th. BMO Capital Markets lowered their target price on shares of Fortinet from $88.00 to $72.00 and set a “market perform” rating on the stock in a research note on Friday, August 4th. Finally, Mizuho reissued a “neutral” rating and set a $68.00 target price on shares of Fortinet in a research report on Wednesday. Ten investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, Fortinet currently has an average rating of “Moderate Buy” and an average target price of $73.10.

Fortinet Company 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.