Fortinet, Inc. $FTNT Shares Sold by Moran Wealth Management LLC

Moran Wealth Management LLC lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 0.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 97,207 shares of the software maker’s stock after selling 571 shares during the quarter. Moran Wealth Management LLC’s holdings in Fortinet were worth $10,277,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Dover Advisors LLC increased its stake in shares of Fortinet by 1.0% in the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after purchasing an additional 94 shares during the period. Hemington Wealth Management increased its stake in shares of Fortinet by 13.2% in the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock valued at $89,000 after purchasing an additional 99 shares during the period. Peloton Wealth Strategists increased its stake in shares of Fortinet by 2.4% in the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock valued at $417,000 after purchasing an additional 100 shares during the period. Trust Co. of Vermont increased its stake in shares of Fortinet by 3.6% in the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock valued at $302,000 after purchasing an additional 100 shares during the period. Finally, Board of the Pension Protection Fund increased its stake in shares of Fortinet by 4.5% in the second quarter. Board of the Pension Protection Fund now owns 2,300 shares of the software maker’s stock valued at $243,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling

In related news, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.00% of the company’s stock.

Fortinet Trading Up 1.4%

Shares of NASDAQ:FTNT opened at $84.20 on Tuesday. The stock has a market capitalization of $64.52 billion, a price-to-earnings ratio of 33.55, a PEG ratio of 3.13 and a beta of 1.09. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The company has a 50 day moving average price of $81.43 and a 200 day moving average price of $94.43.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period last year, the firm posted $0.57 earnings per share. On average, research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FTNT. Rosenblatt Securities reiterated a “neutral” rating and issued a $85.00 price objective (down from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Cantor Fitzgerald increased their price objective on shares of Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, July 16th. Wedbush decreased their price objective on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Thursday, August 7th. Erste Group Bank cut shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. Finally, Wall Street Zen cut shares of Fortinet from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average price target of $97.03.

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.