Fortinet, Inc. $FTNT Shares Sold by Orion Capital Management LLC

Orion Capital Management LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 4.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,603 shares of the software maker’s stock after selling 572 shares during the quarter. Orion Capital Management LLC’s holdings in Fortinet were worth $1,438,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of FTNT. Warther Private Wealth LLC lifted its stake in Fortinet by 39.7% during the second quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock valued at $19,258,000 after purchasing an additional 51,750 shares during the last quarter. Cooper Financial Group acquired a new stake in shares of Fortinet during the 2nd quarter valued at $2,653,000. Mainstay Capital Management LLC ADV lifted its position in shares of Fortinet by 105.8% during the 2nd quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock valued at $1,778,000 after acquiring an additional 8,643 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of Fortinet by 40.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker’s stock worth $7,045,000 after acquiring an additional 21,177 shares in the last quarter. Finally, 1834 Investment Advisors Co. grew its holdings in shares of Fortinet by 2.9% in the 2nd quarter. 1834 Investment Advisors Co. now owns 12,332 shares of the software maker’s stock worth $1,304,000 after acquiring an additional 353 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the business’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 $15,607,701.28. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 transaction of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.

Fortinet Trading Up 0.7%

Shares of NASDAQ:FTNT opened at $85.56 on Friday. The firm has a fifty day moving average of $81.97 and a two-hundred day moving average of $93.97. 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, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The firm has a market capitalization of $65.56 billion, a P/E ratio of 34.09, a price-to-earnings-growth ratio of 3.22 and a beta of 1.09.

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, topping the consensus estimate of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the company earned $0.57 earnings per share. Fortinet’s quarterly revenue was up 13.6% compared to the same quarter last year. On average, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Evercore ISI cut their price objective on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a research report on Saturday. Rosenblatt Securities restated a “neutral” rating and issued a $85.00 price target (down previously from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. JPMorgan Chase & Co. decreased their price objective 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. Finally, Wedbush cut their target price on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $97.03.

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.