Commonwealth Equity Services LLC Sells 5,589 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Commonwealth Equity Services LLC lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT – Get Rating) by 5.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 104,941 shares of the software maker’s stock after selling 5,589 shares during the period. Commonwealth Equity Services LLC’s holdings in Fortinet were worth $5,155,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in FTNT. Ronald Blue Trust Inc. boosted its position in Fortinet by 632.9% during the 3rd quarter. Ronald Blue Trust Inc. now owns 535 shares of the software maker’s stock valued at $30,000 after buying an additional 462 shares during the period. Beacon Capital Management LLC boosted its position in Fortinet by 400.0% during the 3rd quarter. Beacon Capital Management LLC now owns 840 shares of the software maker’s stock valued at $47,000 after buying an additional 672 shares during the period. Guardian Wealth Advisors LLC purchased a new stake in Fortinet during the 3rd quarter valued at $50,000. Covestor Ltd boosted its position in Fortinet by 53.3% during the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after buying an additional 57 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Fortinet by 26.3% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 1,332 shares of the software maker’s stock worth $65,000 after purchasing an additional 277 shares during the period. Hedge funds and other institutional investors own 64.35% of the company’s stock.

Fortinet Stock Down 1.5 %

Shares of FTNT stock opened at $60.37 on Wednesday. The company has a 50 day moving average price of $54.16 and a 200-day moving average price of $52.47. Fortinet, Inc. has a 52 week low of $42.61 and a 52 week high of $71.52. The firm has a market capitalization of $47.33 billion, a PE ratio of 56.53, a P/E/G ratio of 2.97 and a beta of 1.14.

Fortinet (NASDAQ:FTNT – Get Rating) last announced its quarterly earnings results on Tuesday, February 7th. The software maker reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. Fortinet had a net margin of 19.41% and a negative return on equity of 309.63%. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.30 billion. During the same period in the previous year, the business posted $0.19 earnings per share. The business’s revenue for the quarter was up 33.1% on a year-over-year basis. Analysts anticipate that Fortinet, Inc. will post 1.14 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Michael Xie sold 240,046 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $53.72, for a total value of $12,895,271.12. Following the transaction, the vice president now owns 29,727,018 shares of the company’s stock, valued at $1,596,935,406.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Fortinet news, EVP Patrice Perche sold 11,035 shares of Fortinet stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $59.75, for a total transaction of $659,341.25. Following the transaction, the executive vice president now owns 25,730 shares of the company’s stock, valued at $1,537,367.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 240,046 shares of Fortinet stock in a transaction that occurred on Thursday, February 2nd. The shares were sold at an average price of $53.72, for a total transaction of $12,895,271.12. Following the transaction, the vice president now directly owns 29,727,018 shares in the company, valued at approximately $1,596,935,406.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 924,949 shares of company stock valued at $53,411,641. 18.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

FTNT has been the subject of several research analyst reports. Loop Capital raised their target price on shares of Fortinet from $66.00 to $80.00 in a research report on Thursday, February 9th. Guggenheim initiated coverage on shares of Fortinet in a research report on Monday, January 23rd. They issued a “neutral” rating for the company. MKM Partners raised their target price on shares of Fortinet from $65.00 to $70.00 in a research report on Wednesday, February 8th. Wedbush raised their target price on shares of Fortinet from $64.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 8th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Fortinet from $53.00 to $63.00 in a research report on Wednesday, February 8th. Nine equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat, Fortinet currently has a consensus rating of “Moderate Buy” and an average price target of $69.39.

Fortinet Profile

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Fortinet, Inc provides cybersecurity solutions to a variety of businesses, such as enterprises, communication service providers and small businesses. It operates through the following segments: Network Security, Infrastructure Security, Cloud Security, and Endpoint Protection, Internet of Things and Operational Technology.