Earned Wealth Advisors LLC Cuts Holdings in Fortinet, Inc. $FTNT

Earned Wealth Advisors LLC lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 4.8% in the second quarter, HoldingsChannel reports. The fund owned 5,634 shares of the software maker’s stock after selling 284 shares during the quarter. Earned Wealth Advisors LLC’s holdings in Fortinet were worth $596,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Saudi Central Bank purchased a new position in shares of Fortinet in the 1st quarter valued at about $25,000. Clearstead Trust LLC purchased a new position in Fortinet during the first quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd grew its holdings in Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after purchasing an additional 284 shares during the period. Wayfinding Financial LLC purchased a new stake in shares of Fortinet in the first quarter valued at approximately $36,000. Finally, Mechanics Financial Corp purchased a new stake in shares of Fortinet in the first quarter valued at approximately $36,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of research analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a report on Wednesday, October 8th. JPMorgan Chase & Co. cut their target price on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $85.00 price target (down from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Wedbush lowered their price objective on Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a report on Thursday, August 7th. Finally, Wall Street Zen cut Fortinet from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $97.03.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 158,486 shares of the company’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 value of $15,607,701.28. Following the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction 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 sale, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This represents a 4.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 17.20% of the company’s stock.

Fortinet Stock Down 0.0%

Shares of NASDAQ:FTNT opened at $84.20 on Friday. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The stock has a market cap of $64.52 billion, a P/E ratio of 33.55, a PEG ratio of 3.17 and a beta of 1.09. The business has a fifty day moving average of $82.44 and a two-hundred day moving average of $93.60. 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 announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Fortinet’s quarterly revenue was up 13.6% on a year-over-year basis. On average, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.