IQ EQ FUND MANAGEMENT IRELAND Ltd Sells 3,110 Shares of Fortinet, Inc. $FTNT

IQ EQ FUND MANAGEMENT IRELAND Ltd lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 5.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 52,665 shares of the software maker’s stock after selling 3,110 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Fortinet were worth $5,568,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Saudi Central Bank purchased a new position in Fortinet during the first quarter valued at approximately $25,000. Clearstead Trust LLC bought a new stake in Fortinet during the 1st quarter valued at $28,000. Caitong International Asset Management Co. Ltd increased its holdings 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 during the period. Wayfinding Financial LLC bought a new position in shares of Fortinet in the 1st quarter worth $36,000. Finally, Mechanics Financial Corp purchased a new stake in shares of Fortinet during the 1st quarter worth $36,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. KeyCorp cut shares of Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 7th. Mizuho reduced their price objective on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a research note on Thursday, August 7th. Wells Fargo & Company lowered their target price on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a research note on Thursday, August 7th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $67.00 price target (down from $78.00) on shares of Fortinet in a research report on Tuesday, September 2nd. Two investment 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 company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $97.03.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 476,596 shares of the 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 $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents 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 link. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. The trade was 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 corporate insiders.

Fortinet Price Performance

NASDAQ FTNT opened at $85.29 on Tuesday. The company has a market cap of $65.36 billion, a price-to-earnings ratio of 33.98, a PEG ratio of 3.22 and a beta of 1.09. 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 stock’s fifty day moving average price is $82.06 and its 200 day moving average price is $93.83. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company’s quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.57 EPS. As a group, equities research analysts forecast 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.