Retirement Planning Group LLC Trims Holdings in Fortinet, Inc. $FTNT

Retirement Planning Group LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,454 shares of the software maker’s stock after selling 135 shares during the quarter. Retirement Planning Group LLC’s holdings in Fortinet were worth $577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. grew its holdings in Fortinet by 1.0% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 15,886 shares of the software maker’s stock valued at $1,679,000 after buying an additional 160 shares in the last quarter. St. Johns Investment Management Company LLC grew its holdings in Fortinet by 19.3% during the 2nd quarter. St. Johns Investment Management Company LLC now owns 7,521 shares of the software maker’s stock valued at $795,000 after buying an additional 1,219 shares in the last quarter. Jackson Thornton Wealth Management LLC purchased a new stake in Fortinet during the 2nd quarter valued at approximately $221,000. Phoenix Financial Ltd. grew its holdings in Fortinet by 25.1% during the 2nd quarter. Phoenix Financial Ltd. now owns 3,143 shares of the software maker’s stock valued at $332,000 after buying an additional 631 shares in the last quarter. Finally, Madison Wealth Partners Inc purchased a new stake in Fortinet during the 2nd quarter valued at approximately $206,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction on 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 directly owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction on 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 completion of the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Wedbush cut their price objective on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Thursday, August 7th. Mizuho lowered their target price on Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a research report on Thursday, August 7th. DZ Bank upgraded Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research report on Friday, August 8th. BMO Capital Markets lowered their target price on 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, Evercore ISI lowered their target price on Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $97.03.

Fortinet Stock Down 0.1%

Shares of FTNT opened at $84.66 on Thursday. The company has a market cap of $64.87 billion, a PE ratio of 33.73, a P/E/G ratio of 3.19 and a beta of 1.09. The business has a fifty day moving average of $81.69 and a 200 day moving average of $93.97. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. 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 (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $1.63 billion during 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%.Fortinet’s revenue was up 13.6% on a year-over-year basis. During the same period last year, the company earned $0.57 earnings per share. On average, sell-side analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

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.