Terra Alpha Investments LLC Lowers Position in Fortinet, Inc. $FTNT

Terra Alpha Investments LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,085 shares of the software maker’s stock after selling 399 shares during the quarter. Fortinet comprises 3.0% of Terra Alpha Investments LLC’s portfolio, making the stock its 16th largest position. Terra Alpha Investments LLC’s holdings in Fortinet were worth $2,863,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Dover Advisors LLC raised its holdings in Fortinet by 1.0% in the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after acquiring an additional 94 shares in the last quarter. Balboa Wealth Partners raised its holdings in Fortinet by 4.3% in the second quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after acquiring an additional 96 shares in the last quarter. Hemington Wealth Management raised its holdings in shares of Fortinet by 13.2% during the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after purchasing an additional 99 shares during the period. Peloton Wealth Strategists raised its holdings in shares of Fortinet by 2.4% during the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after purchasing an additional 100 shares during the period. Finally, Trust Co. of Vermont raised its holdings in shares of Fortinet by 3.6% during the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after purchasing an additional 100 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FTNT has been the topic of a number of research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a report on Wednesday, October 8th. Truist Financial dropped their target price on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Morgan Stanley reissued an “underweight” rating and set a $67.00 target price (down from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. Scotiabank dropped their target price on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 7th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Two equities research 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $97.03.

Fortinet Stock Down 0.1%

Fortinet stock opened at $84.78 on Wednesday. The company has a 50-day simple moving average of $81.58 and a 200-day simple moving average of $94.04. The firm has a market capitalization of $64.96 billion, a P/E ratio of 33.78, a P/E/G ratio of 3.20 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 one year low of $70.12 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 earnings per share. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 476,596 shares of the 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 completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This represents a 4.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company’s stock.

About Fortinet

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.