Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 117,805 shares of the software maker’s stock after selling 2,969 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Fortinet were worth $7,100,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Catalyst Capital Advisors LLC lifted its holdings in shares of Fortinet by 955.0% in the second quarter. Catalyst Capital Advisors LLC now owns 7,628 shares of the software maker’s stock valued at $460,000 after purchasing an additional 6,905 shares in the last quarter. Access Financial Services Inc. lifted its stake in Fortinet by 20.9% in the 2nd quarter. Access Financial Services Inc. now owns 25,807 shares of the software maker’s stock valued at $1,555,000 after buying an additional 4,464 shares in the last quarter. Institute for Wealth Management LLC. grew its holdings in Fortinet by 1.4% during the 2nd quarter. Institute for Wealth Management LLC. now owns 57,700 shares of the software maker’s stock valued at $3,478,000 after buying an additional 780 shares during the last quarter. Atlantic Union Bankshares Corp increased its position in Fortinet by 17.4% during the second quarter. Atlantic Union Bankshares Corp now owns 48,305 shares of the software maker’s stock worth $2,911,000 after buying an additional 7,166 shares in the last quarter. Finally, Slow Capital Inc. raised its holdings in shares of Fortinet by 0.8% in the second quarter. Slow Capital Inc. now owns 81,726 shares of the software maker’s stock worth $4,926,000 after acquiring an additional 677 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Price Performance

Fortinet stock opened at $76.71 on Friday. The firm’s fifty day moving average price is $64.06 and its 200 day moving average price is $64.49. The company has a market capitalization of $58.60 billion, a price-to-earnings ratio of 50.14, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $77.18.

Fortinet (NASDAQ:FTNT) last announced 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 negative return on equity of 2,235.48% and a net margin of 22.23%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the firm earned $0.31 earnings per share. The company’s revenue was up 10.9% on a year-over-year basis. Analysts forecast that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 24,712 shares of Fortinet 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 in the company, valued at $608,626,179.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, VP Michael Xie sold 24,712 shares of the stock in a transaction dated 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 transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William H. Neukom acquired 586 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were purchased at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the purchase, the director now directly owns 295,778 shares of the company’s stock, valued at $17,613,579.90. The disclosure for this purchase can be found here. Insiders have sold a total of 115,608 shares of company stock valued at $7,132,649 in the last three months. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of a number of recent research reports. Rosenblatt Securities dropped their price objective on Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, August 5th. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target for the company in a report on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. Wells Fargo & Company lifted their target price on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Twenty-four investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $71.31.

About Fortinet

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.