Axxcess Wealth Management LLC Invests $222,000 in Fortinet, Inc. (NASDAQ:FTNT)

Axxcess Wealth Management LLC bought a new stake in Fortinet, Inc. (NASDAQ:FTNT) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 3,800 shares of the software maker’s stock, valued at approximately $222,000.

Several other institutional investors have also bought and sold shares of the business. Atwood & Palmer Inc. bought a new position in shares of Fortinet in the 4th quarter valued at about $29,000. Headinvest LLC bought a new stake in Fortinet in the third quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Fortinet during the third quarter valued at $37,000. Rakuten Securities Inc. bought a new stake in shares of Fortinet in the 4th quarter worth about $43,000. Finally, CVA Family Office LLC bought a new stake in Fortinet in the fourth quarter worth about $46,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 2.5 %

Shares of NASDAQ:FTNT opened at $58.11 on Friday. The stock’s fifty day simple moving average is $66.71 and its 200-day simple moving average is $61.94. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24. The company has a market capitalization of $44.36 billion, a P/E ratio of 37.98, a P/E/G ratio of 2.60 and a beta of 1.08. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm’s revenue was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.29 EPS. As a group, equities research analysts forecast that Fortinet, Inc. will post 1.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, CEO Ken Xie sold 23,694 shares of the company’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now directly owns 48,625,005 shares of the company’s stock, valued at $3,471,825,357. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Michael Xie sold 24,710 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the sale, the vice president now directly owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,694 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $71.40, for a total value of $1,691,751.60. Following the sale, the chief executive officer now owns 48,625,005 shares in the company, valued at approximately $3,471,825,357. The disclosure for this sale can be found here. Insiders sold 118,480 shares of company stock valued at $8,021,556 over the last 90 days. 17.54% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Susquehanna cut their target price on shares of Fortinet from $80.00 to $65.00 and set a “neutral” rating on the stock in a research report on Monday. Wells Fargo & Company cut their target price on Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a research note on Friday, May 3rd. Royal Bank of Canada decreased their price objective on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating on the stock in a report on Friday, May 3rd. Piper Sandler cut their price objective on Fortinet from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, twenty have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $70.37.

Fortinet Company Profile

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.