Private Advisor Group LLC Trims Stake in Fortinet, Inc. (NASDAQ:FTNT)

Private Advisor Group LLC lowered its holdings in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 32.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,951 shares of the software maker’s stock after selling 8,703 shares during the quarter. Private Advisor Group LLC’s holdings in Fortinet were worth $1,226,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. Massmutual Trust Co. FSB ADV raised its holdings in shares of Fortinet by 22.4% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after buying an additional 180 shares during the period. Buckhead Capital Management LLC raised its holdings in shares of Fortinet by 0.6% in the 4th quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock valued at $1,764,000 after buying an additional 187 shares during the period. STF Management LP raised its holdings in shares of Fortinet by 1.5% in the 4th quarter. STF Management LP now owns 12,917 shares of the software maker’s stock valued at $756,000 after buying an additional 187 shares during the period. Johnson Investment Counsel Inc. raised its holdings in shares of Fortinet by 1.0% in the 4th quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker’s stock valued at $1,211,000 after buying an additional 200 shares during the period. Finally, Quadrant Capital Group LLC raised its holdings in shares of Fortinet by 2.1% in the 4th quarter. Quadrant Capital Group LLC now owns 9,804 shares of the software maker’s stock valued at $574,000 after buying an additional 202 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on FTNT shares. Barclays cut their price objective on Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a report on Friday, May 3rd. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research note on Sunday, June 30th. Morgan Stanley lowered their target price on Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd. Wells Fargo & Company lowered their target price on Fortinet from $70.00 to $62.00 and set an “equal weight” rating for the company in a research note on Friday, May 3rd. Finally, Truist Financial lowered their target price on Fortinet from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $70.03.

Read Our Latest Analysis on FTNT

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 24,710 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the sale, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, VP Michael Xie sold 24,710 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the transaction, the vice president now directly owns 10,867,018 shares of the company’s stock, valued at approximately $700,705,320.64. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 24,235 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the transaction, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The disclosure for this sale can be found here. Insiders sold a total of 91,638 shares of company stock valued at $5,705,568 in the last ninety days. Insiders own 18.00% of the company’s stock.

Fortinet Stock Down 1.1 %

Shares of NASDAQ FTNT opened at $59.59 on Thursday. The business has a 50-day moving average price of $59.99 and a 200 day moving average price of $63.89. The stock has a market cap of $45.52 billion, a PE ratio of 38.95, a price-to-earnings-growth ratio of 2.93 and a beta of 0.98. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $81.24.

Fortinet (NASDAQ:FTNTGet Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 EPS for the quarter, beating the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.29 EPS. Sell-side analysts anticipate that Fortinet, Inc. will post 1.47 earnings per share for the current year.

Fortinet Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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