Financial Advisors Network Inc. Decreases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Financial Advisors Network Inc. lowered its holdings in shares of Fortinet, Inc. (NASDAQ:FTNTGet Rating) by 10.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,771 shares of the software maker’s stock after selling 1,076 shares during the quarter. Fortinet makes up approximately 0.7% of Financial Advisors Network Inc.’s holdings, making the stock its 26th biggest position. Financial Advisors Network Inc.’s holdings in Fortinet were worth $2,997,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Rise Advisors LLC purchased a new stake in Fortinet in the 4th quarter worth $25,000. GW&K Investment Management LLC bought a new stake in Fortinet during the 1st quarter valued at approximately $25,000. Atwood & Palmer Inc. bought a new stake in Fortinet during the 1st quarter valued at approximately $26,000. Riverview Trust Co purchased a new position in Fortinet in the 1st quarter worth approximately $33,000. Finally, Castleview Partners LLC bought a new position in Fortinet in the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 65.72% of the company’s stock.

Fortinet Stock Up 2.5 %

Shares of NASDAQ FTNT opened at $51.71 on Friday. The stock has a market capitalization of $40.77 billion, a PE ratio of 63.84, a price-to-earnings-growth ratio of 3.53 and a beta of 1.20. The company has a current ratio of 1.12, a quick ratio of 1.05 and a debt-to-equity ratio of 4.24. Fortinet, Inc. has a 12-month low of $47.37 and a 12-month high of $74.35. The stock’s fifty day simple moving average is $55.29 and its two-hundred day simple moving average is $60.26.

Insider Buying and Selling at Fortinet

In other news, VP Michael Xie sold 8,267 shares of Fortinet stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $60.64, for a total value of $501,310.88. Following the transaction, the vice president now owns 29,772,120 shares of the company’s stock, valued at approximately $1,805,381,356.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Fortinet news, CFO Keith Jensen sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $52.89, for a total value of $343,785.00. Following the completion of the sale, the chief financial officer now owns 4,541 shares of the company’s stock, valued at $240,173.49. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 8,267 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $60.64, for a total transaction of $501,310.88. Following the transaction, the vice president now owns 29,772,120 shares in the company, valued at approximately $1,805,381,356.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,207 shares of company stock valued at $2,839,577. 18.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Atlantic Securities started coverage on Fortinet in a research note on Friday, September 2nd. They set an “overweight” rating and a $76.00 price target for the company. Citigroup reduced their target price on shares of Fortinet from $81.00 to $78.00 and set a “buy” rating on the stock in a report on Friday, July 22nd. Barclays lowered their price target on shares of Fortinet from $80.00 to $77.00 and set an “overweight” rating for the company in a report on Thursday, August 4th. Cantor Fitzgerald initiated coverage on Fortinet in a research note on Wednesday. They set an “overweight” rating and a $70.00 price objective on the stock. Finally, Morgan Stanley dropped their target price on Fortinet to $66.00 and set an “equal weight” rating for the company in a report on Monday, June 27th. Five equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $72.24.

Fortinet Profile

(Get Rating)

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.

Further Reading

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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