DMC Group LLC Reduces Stock Position in Fortinet, Inc. $FTNT

DMC Group LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,722 shares of the software maker’s stock after selling 886 shares during the period. Fortinet accounts for approximately 1.2% of DMC Group LLC’s portfolio, making the stock its 20th largest holding. DMC Group LLC’s holdings in Fortinet were worth $1,556,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Fortinet by 5.2% in the first 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 in the last quarter. Invesco Ltd. raised its position in shares of Fortinet by 2.2% in the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock worth $824,999,000 after buying an additional 181,835 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Fortinet by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock worth $675,405,000 after buying an additional 1,026,277 shares in the last quarter. Northern Trust Corp raised its position in shares of Fortinet by 0.8% in the first quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock worth $627,573,000 after buying an additional 49,238 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Fortinet by 40.9% in the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock worth $561,156,000 after buying an additional 1,733,670 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on FTNT. Wall Street Zen downgraded Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. BMO Capital Markets lowered their price objective on Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research report on Thursday, August 7th. DZ Bank raised Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price on the stock in a research note on Friday, August 8th. Royal Bank Of Canada reduced their target price on Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 7th. Finally, KeyCorp cut Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell 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 $97.03.

Fortinet Stock Down 1.7%

Shares of NASDAQ:FTNT opened at $84.92 on Wednesday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The stock’s 50-day moving average price is $82.58 and its 200-day moving average price is $94.88. The stock has a market capitalization of $65.07 billion, a P/E ratio of 33.83, a price-to-earnings-growth ratio of 3.26 and a beta of 1.09. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82.

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

Insider Activity at Fortinet

In other news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction that occurred on 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 transaction, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,486 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 transaction of $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by company insiders.

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.