Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Integrated Advisors Network LLC

Integrated Advisors Network LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 0.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 79,486 shares of the software maker’s stock after selling 681 shares during the period. Integrated Advisors Network LLC’s holdings in Fortinet were worth $6,164,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FTNT. Sarasin & Partners LLP increased its stake in Fortinet by 22.4% during the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after acquiring an additional 395,477 shares during the last quarter. PDS Planning Inc bought a new stake in Fortinet during the first quarter valued at $200,000. Cetera Investment Advisers raised its stake in Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after acquiring an additional 132,871 shares during the period. Sei Investments Co. lifted its holdings in shares of Fortinet by 10.5% in the 1st quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after purchasing an additional 13,178 shares during the last quarter. Finally, Magnetar Financial LLC acquired a new position in shares of Fortinet during the first quarter valued at $3,189,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on FTNT shares. Wedbush reissued an “outperform” rating and set a $78.00 target price on shares of Fortinet in a research note on Wednesday, August 7th. Citigroup upped their price objective on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Susquehanna raised their price target on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Wells Fargo & Company increased their target price on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Finally, Cantor Fitzgerald boosted their price target on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $73.25.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated 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 $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction 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 sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. 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 ninety days. 18.00% of the stock is currently owned by insiders.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $80.08 on Tuesday. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The firm’s 50-day simple moving average is $77.76 and its 200 day simple moving average is $67.13. The stock has a market cap of $61.25 billion, a price-to-earnings ratio of 47.78, a PEG ratio of 2.92 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $83.77.

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

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.