Fortinet, Inc. (NASDAQ:FTNT) Stake Lessened by DT Investment Partners LLC

DT Investment Partners LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 23.8% in the 3rd quarter, Holdings Channel.com reports. The fund owned 511 shares of the software maker’s stock after selling 160 shares during the quarter. DT Investment Partners LLC’s holdings in Fortinet were worth $40,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Wealthcare Advisory Partners LLC raised its position in shares of Fortinet by 138.1% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 10,033 shares of the software maker’s stock valued at $685,000 after acquiring an additional 5,820 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in shares of Fortinet by 51.7% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 20,790 shares of the software maker’s stock worth $1,420,000 after buying an additional 7,086 shares during the last quarter. Trilogy Capital Inc. acquired a new position in shares of Fortinet in the 1st quarter valued at about $415,000. Financial Partners Group LLC bought a new stake in shares of Fortinet during the 1st quarter valued at about $1,182,000. Finally, Aviance Capital Partners LLC acquired a new stake in Fortinet during the first quarter worth about $205,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 0.3 %

FTNT stock opened at $80.34 on Friday. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The firm has a market cap of $61.37 billion, a PE ratio of 52.51, a P/E/G ratio of 2.84 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $83.77. The firm has a 50 day simple moving average of $77.64 and a 200 day simple moving average of $67.06.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. The business 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 company’s revenue was up 10.9% compared to the same quarter last year. During the same period last year, the company posted $0.31 EPS. Equities research analysts forecast that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Scotiabank lifted their target price on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, August 7th. Guggenheim downgraded Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised their target price on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Mizuho lowered shares of Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price target for the company. in a research report on Thursday, October 17th. Finally, Morgan Stanley dropped their price objective on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $73.25.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 95,250 shares of company stock valued at $6,790,149. 18.00% of the stock is owned by corporate insiders.

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.