Hartford Investment Management Co. Decreases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Hartford Investment Management Co. decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,977 shares of the software maker’s stock after selling 651 shares during the quarter. Hartford Investment Management Co.’s holdings in Fortinet were worth $3,100,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FTNT. Winthrop Capital Management LLC acquired a new stake in Fortinet during the 1st quarter valued at $25,000. Eastern Bank purchased a new position in Fortinet in the 3rd quarter valued at about $25,000. Oakworth Capital Inc. acquired a new stake in shares of Fortinet during the second quarter valued at about $33,000. Versant Capital Management Inc increased its position in shares of Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after acquiring an additional 238 shares during the last quarter. Finally, City State Bank lifted its stake in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after acquiring an additional 450 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on FTNT shares. HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. TD Cowen increased their price objective on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Scotiabank raised their price objective on shares of Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, August 7th. Finally, UBS Group upped their target price on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-three have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $73.25.

Fortinet Trading Down 2.5 %

NASDAQ FTNT opened at $80.37 on Thursday. The firm’s 50 day moving average price is $77.23 and its two-hundred day moving average price is $66.78. The stock has a market cap of $61.40 billion, a price-to-earnings ratio of 52.53, a PEG ratio of 2.84 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $83.77. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 earnings per share. Equities analysts anticipate that Fortinet, Inc. will post 1.74 EPS for the current year.

Insider Activity

In related news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,250 shares of company stock worth $6,790,149 in the last 90 days. Company insiders own 18.00% of the company’s stock.

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.