City State Bank Increases Fortinet Stake by 36.7% in Q2

City State Bank has significantly increased its investment in Fortinet, Inc. (NASDAQ:FTNT) by acquiring an additional 250 shares during the second quarter of 2023. This move raised the bank’s holdings in the cybersecurity firm by 36.7%, bringing its total ownership to 931 shares. As of the end of the reporting period, these shares were valued at approximately $98,000, according to a recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made adjustments to their positions in Fortinet. Dover Advisors LLC enhanced its stake by 1.0%, now holding 9,451 shares valued at $999,000 after acquiring an additional 94 shares. Similarly, Balboa Wealth Partners increased its holdings by 4.3% to 2,330 shares, worth $246,000, following the purchase of an additional 96 shares. Hemington Wealth Management and Peloton Wealth Strategists also reported increases in their positions, with shares valued at $89,000 and $417,000, respectively. Collectively, institutional investors now control approximately 83.71% of Fortinet’s stock.

In recent insider trading news, Fortinet’s CEO, Ken Xie, sold 158,486 shares on August 4, 2023, at an average price of $98.48 per share. This transaction amounted to a total value of around $15.6 million. Following this sale, Xie retains 51,391,879 shares of the company, valued at approximately $5.06 billion. Similarly, Vice President Michael Xie sold 476,596 shares on the same day, resulting in about $46.9 million in proceeds. After this sale, he holds 9,730,560 shares, valued at $958.3 million. Company insiders now own about 17.20% of Fortinet’s stock.

Fortinet’s Financial Performance

Fortinet recently released its earnings report for the second quarter of 2023 on August 6. The company achieved earnings of $0.64 per share, surpassing analysts’ predictions of $0.59 by $0.05. Revenue for the quarter reached $1.63 billion, meeting analysts’ expectations. The firm noted a net margin of 30.60% and a return on equity of 111.46%, reflecting a year-over-year quarterly revenue increase of 13.6%. In the same quarter last year, Fortinet reported earnings of $0.57 per share. Analysts forecast that Fortinet will post an earnings per share (EPS) of $2.09 for the current fiscal year.

Analyst Ratings and Market Outlook

Market analysts have varied opinions on Fortinet’s stock performance. On August 7, Rosenblatt Securities reaffirmed a “neutral” rating with a revised price target of $85.00, down from $125.00. BMO Capital Markets also lowered its price target to $90.00 while maintaining a “market perform” rating. Stifel Nicolaus similarly adjusted its target from $95.00 to $85.00 and retained a “hold” rating. Erste Group Bank changed its rating from “buy” to “hold” in a note on August 14.

Currently, the consensus rating for Fortinet’s stock is “Hold,” with an average price target of $97.03. The stock has received two “Strong Buy” ratings, eight “Buy” ratings, twenty-five “Hold” ratings, and two “Sell” ratings from various analysts.

Fortinet, Inc. is recognized for providing comprehensive cybersecurity solutions and the integration of networking and security technologies on a global scale. Its product portfolio includes network firewalls, secure connectivity solutions, and wireless LAN offerings, among others.

For more detailed insights on Fortinet’s market position and recent activities, interested parties can visit HoldingsChannel.com for the latest 13F filings and insider trades related to Fortinet, Inc.