Fortis Group Advisors LLC Sells 7,279 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fortis Group Advisors LLC lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 22.9% in the third quarter, Holdings Channel reports. The institutional investor owned 24,568 shares of the software maker’s stock after selling 7,279 shares during the period. Fortis Group Advisors LLC’s holdings in Fortinet were worth $1,905,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Winthrop Capital Management LLC bought a new position in Fortinet during the first quarter worth $25,000. Oakworth Capital Inc. acquired a new stake in shares of Fortinet in the 2nd quarter valued at about $33,000. Versant Capital Management Inc raised its stake in Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after buying an additional 238 shares during the period. City State Bank raised its stake in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares during the period. Finally, DT Investment Partners LLC boosted its holdings in Fortinet by 539.0% in the second quarter. DT Investment Partners LLC now owns 671 shares of the software maker’s stock worth $40,000 after acquiring an additional 566 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Trading Down 0.3 %

FTNT traded down $0.22 on Tuesday, reaching $81.83. 436,287 shares of the company traded hands, compared to its average volume of 5,496,297. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a one year low of $44.12 and a one year high of $83.77. The firm has a fifty day simple moving average of $76.78 and a two-hundred day simple moving average of $66.61. The company has a market cap of $62.51 billion, a P/E ratio of 53.63, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $1.40 billion. During the same period in the prior year, the company posted $0.31 EPS. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. As a group, equities research analysts expect that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction 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 approximately $3,568,434,657.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 95,250 shares of company stock valued at $6,790,149. 18.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research report on Thursday, August 8th. Royal Bank of Canada raised their price target on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. TD Cowen boosted their price objective on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Cantor Fitzgerald upped their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-three have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $72.71.

About Fortinet

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.