Bristlecone Advisors LLC Decreases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Bristlecone Advisors LLC lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 87,241 shares of the software maker’s stock after selling 836 shares during the quarter. Bristlecone Advisors LLC’s holdings in Fortinet were worth $6,766,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Wealthcare Advisory Partners LLC lifted its position in shares of Fortinet by 138.1% in the first quarter. Wealthcare Advisory Partners LLC now owns 10,033 shares of the software maker’s stock valued at $685,000 after acquiring an additional 5,820 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in Fortinet by 51.7% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 20,790 shares of the software maker’s stock valued at $1,420,000 after purchasing an additional 7,086 shares in the last quarter. Trilogy Capital Inc. acquired a new stake in Fortinet during the 1st quarter worth $415,000. Aviance Capital Partners LLC acquired a new stake in shares of Fortinet in the first quarter valued at about $205,000. Finally, Oak Thistle LLC purchased a new position in shares of Fortinet in the first quarter worth about $466,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FTNT has been the subject of several research reports. Robert W. Baird upped their price objective on shares of Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Cantor Fitzgerald increased their price target on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. JPMorgan Chase & Co. upped their target price on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Morgan Stanley reduced their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $73.25.

Insider Transactions at Fortinet

In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, 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 through this hyperlink. In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 24,712 shares of the 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 completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 95,250 shares of company stock valued at $6,790,149. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $80.34 on Friday. The stock’s 50-day moving average is $77.64 and its two-hundred day moving average is $67.05. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The company has a market cap of $61.45 billion, a price-to-earnings ratio of 47.54, a price-to-earnings-growth ratio of 2.92 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $83.77.

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