Freedom Investment Management Inc. Sells 439 Shares of Fortinet, Inc. $FTNT

Freedom Investment Management Inc. lowered its stake in Fortinet, Inc. (NASDAQ:FTNT) by 9.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,047 shares of the software maker’s stock after selling 439 shares during the quarter. Freedom Investment Management Inc.’s holdings in Fortinet were worth $428,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Saudi Central Bank bought a new stake in shares of Fortinet in the 1st quarter valued at $25,000. Clearstead Trust LLC bought a new stake in shares of Fortinet in the 1st quarter valued at $28,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after acquiring an additional 284 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in Fortinet in the 1st quarter valued at $36,000. Finally, Mechanics Financial Corp acquired a new stake in Fortinet in the 1st quarter valued at $36,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

FTNT opened at $85.56 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The company has a market capitalization of $65.56 billion, a price-to-earnings ratio of 34.09, a P/E/G ratio of 3.22 and a beta of 1.09. The firm’s fifty day moving average price is $81.97 and its two-hundred day moving average price is $93.93. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly 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 for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 EPS. As a group, analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FTNT shares. Truist Financial reduced their price target on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, August 7th. Evercore ISI reduced their price target on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research report on Friday, August 8th. Scotiabank reduced their price target on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating for the company in a research report on Thursday, August 7th. BMO Capital Markets reduced their price target on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada reduced their price target on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $97.03.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 476,596 shares of the business’s stock in a transaction dated 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 transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction dated 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 in the company, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by insiders.

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.