Capital Analysts LLC Lowers Holdings in Fortinet, Inc. $FTNT

Capital Analysts LLC decreased its stake in Fortinet, Inc. (NASDAQ:FTNT) by 11.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,639 shares of the software maker’s stock after selling 1,690 shares during the period. Capital Analysts LLC’s holdings in Fortinet were worth $1,313,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in FTNT. Vanguard Group Inc. increased its holdings in shares of Fortinet by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after buying an additional 3,546,934 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Fortinet by 11,349.3% in the 1st quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker’s stock worth $185,551,000 after buying an additional 1,910,771 shares during the last quarter. Nuveen LLC bought a new position in shares of Fortinet in the 1st quarter worth $153,576,000. Northern Trust Corp increased its holdings in shares of Fortinet by 17.2% in the 4th quarter. Northern Trust Corp now owns 6,470,320 shares of the software maker’s stock worth $611,316,000 after buying an additional 951,233 shares during the last quarter. Finally, AustralianSuper Pty Ltd increased its holdings in shares of Fortinet by 127.6% in the 1st quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker’s stock worth $144,038,000 after buying an additional 839,028 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

FTNT has been the topic of a number of research analyst reports. Cowen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 7th. Truist Financial decreased their price target on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Citigroup reaffirmed a “neutral” rating and set a $85.00 target price (down previously from $110.00) on shares of Fortinet in a report on Monday. Royal Bank Of Canada reduced their target price on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a report on Thursday, August 7th. Finally, Morgan Stanley lowered shares of Fortinet from an “overweight” rating to a “reduce” rating and reduced their target price for the company from $110.00 to $78.00 in a report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $97.40.

Fortinet Price Performance

Shares of Fortinet stock opened at $79.61 on Thursday. The company’s fifty day simple moving average is $97.88 and its two-hundred day simple moving average is $100.47. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The firm has a market cap of $61.00 billion, a PE ratio of 31.72, a price-to-earnings-growth ratio of 2.96 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT) last posted 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 company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. Fortinet’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.57 earnings per share. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 476,596 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom bought 335 shares of the company’s stock in a transaction dated Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, the director owned 301,471 shares of the company’s stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. 17.20% of the stock is currently owned by company insiders.

Fortinet 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.