Impact Investors Inc Sells 210 Shares of Fortinet, Inc. $FTNT

Impact Investors Inc lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,148 shares of the software maker’s stock after selling 210 shares during the quarter. Impact Investors Inc’s holdings in Fortinet were worth $438,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Fortinet by 40.9% during the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after purchasing an additional 1,733,670 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Fortinet during the 1st quarter valued at $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Fortinet by 17.1% during the 1st 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 valued at $675,405,000 after purchasing an additional 1,026,277 shares during the last quarter. Finally, AustralianSuper Pty Ltd lifted its holdings in shares of Fortinet by 127.6% during the 1st quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker’s stock valued at $144,038,000 after purchasing an additional 839,028 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $85.79 on Friday. The business’s 50-day moving average is $83.35 and its two-hundred day moving average is $95.08. The company has a market capitalization of $65.74 billion, a P/E ratio of 34.18, a P/E/G ratio of 3.26 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share 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 company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the firm earned $0.57 EPS. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. Research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Activity

In related news, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction dated 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 sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction dated Monday, August 4th. The stock was 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 approximately $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of several analyst reports. UBS Group decreased their price objective on Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. Rosenblatt Securities reiterated a “neutral” rating and set a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a report on Thursday, August 7th. DZ Bank upgraded Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a report on Friday, August 8th. Evercore ISI decreased their price objective on Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a report on Friday, August 8th. Finally, TD Cowen restated a “hold” rating and issued a $105.00 target price on shares of Fortinet 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-six have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target 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.