CX Institutional Trims Position in Fortinet, Inc. (NASDAQ:FTNT)

CX Institutional lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,349 shares of the software maker’s stock after selling 431 shares during the quarter. CX Institutional’s holdings in Fortinet were worth $570,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. EP Wealth Advisors LLC acquired a new stake in shares of Fortinet in the 4th quarter worth $247,000. Fisher Asset Management LLC raised its holdings in Fortinet by 24.7% during the fourth quarter. Fisher Asset Management LLC now owns 11,961 shares of the software maker’s stock worth $700,000 after purchasing an additional 2,373 shares in the last quarter. Nomura Holdings Inc. lifted its position in Fortinet by 227.3% in the fourth quarter. Nomura Holdings Inc. now owns 28,446 shares of the software maker’s stock valued at $1,665,000 after purchasing an additional 19,754 shares during the period. Rise Advisors LLC boosted its holdings in Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its position in Fortinet by 22.4% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock worth $67,000 after purchasing an additional 180 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the subject of several recent analyst reports. BMO Capital Markets raised their price target on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. raised 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. UBS Group upped their price target on shares of Fortinet from $69.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. TD Cowen raised their price objective on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Citigroup upped their target price on shares of Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday, September 13th. Twenty-three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $72.64.

Fortinet Stock Down 0.6 %

FTNT opened at $82.12 on Thursday. The stock has a market capitalization of $62.73 billion, a price-to-earnings ratio of 53.67, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $83.77. 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 business has a 50-day moving average of $76.30 and a two-hundred day moving average of $66.47.

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

Insider Activity at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated 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 directly owns 10,847,018 shares in the company, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, 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 value of $1,386,590.32. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction 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 transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,250 shares of company stock worth $6,790,149. 18.00% of the stock is owned by insiders.

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.