Fairfield Financial Advisors LTD Decreases Position in Fortinet, Inc. (NASDAQ:FTNT)

Fairfield Financial Advisors LTD cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 15.8% during the third quarter, HoldingsChannel reports. The firm owned 2,710 shares of the software maker’s stock after selling 510 shares during the quarter. Fairfield Financial Advisors LTD’s holdings in Fortinet were worth $210,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FTNT. State of Alaska Department of Revenue raised its position in Fortinet by 0.5% during the first quarter. State of Alaska Department of Revenue now owns 69,156 shares of the software maker’s stock valued at $4,724,000 after purchasing an additional 315 shares during the period. Norden Group LLC bought a new position in shares of Fortinet during the first quarter valued at approximately $2,277,000. First Trust Direct Indexing L.P. grew its stake in shares of Fortinet by 18.6% during the first quarter. First Trust Direct Indexing L.P. now owns 15,828 shares of the software maker’s stock valued at $1,081,000 after buying an additional 2,482 shares during the last quarter. Kesler Norman & Wride LLC bought a new position in shares of Fortinet during the first quarter valued at approximately $219,000. Finally, Ashton Thomas Private Wealth LLC grew its stake in shares of Fortinet by 4.3% during the first quarter. Ashton Thomas Private Wealth LLC now owns 34,072 shares of the software maker’s stock valued at $2,327,000 after buying an additional 1,412 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet 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 completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet 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 completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,250 shares of company stock worth $6,790,149 in the last 90 days. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

FTNT stock traded down $0.47 during midday trading on Thursday, reaching $78.27. The stock had a trading volume of 1,263,283 shares, compared to its average volume of 5,421,800. The stock has a market cap of $59.87 billion, a PE ratio of 46.47, a P/E/G ratio of 2.92 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The firm has a fifty day simple moving average of $77.90 and a two-hundred day simple moving average of $67.30. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $83.77.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the business posted $0.31 EPS. As a group, equities research analysts anticipate that Fortinet, Inc. will post 1.74 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Wells Fargo & Company upped their target price on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Barclays upped their target price on Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. JPMorgan Chase & Co. upped their target price on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, Rosenblatt Securities upped their target price on Fortinet from $72.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average price target of $74.68.

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.