Fortinet, Inc. $FTNT Shares Sold by Parallel Advisors LLC

Parallel Advisors LLC cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,354 shares of the software maker’s stock after selling 271 shares during the quarter. Parallel Advisors LLC’s holdings in Fortinet were worth $777,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in FTNT. Vanguard Group Inc. raised its position in Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after acquiring an additional 3,546,934 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Fortinet by 11,349.3% in the 1st quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker’s stock worth $185,551,000 after purchasing an additional 1,910,771 shares in the last quarter. AQR Capital Management LLC lifted its stake in Fortinet by 40.9% during the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after purchasing an additional 1,733,670 shares during the last quarter. Nuveen LLC bought a new stake in Fortinet during the first quarter worth approximately $153,576,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Fortinet by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock worth $675,405,000 after buying an additional 1,026,277 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling

In other news, CEO Ken Xie sold 158,486 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.

Fortinet Price Performance

Fortinet stock opened at $80.99 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The stock has a market cap of $62.06 billion, a P/E ratio of 32.27, a PEG ratio of 3.03 and a beta of 1.12. The company has a 50-day moving average price of $87.66 and a 200 day moving average price of $96.19. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the firm posted $0.57 earnings per share. Fortinet’s revenue was up 13.6% compared to the same quarter last year. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FTNT. Stifel Nicolaus decreased their price objective on shares of Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a report on Thursday, August 7th. Truist Financial dropped their target price on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, August 7th. TD Cowen reaffirmed a “hold” rating and set a $105.00 price objective on shares of Fortinet in a research report on Thursday, August 7th. Morgan Stanley restated an “underweight” rating and issued a $67.00 target price (down from $78.00) on shares of Fortinet in a research report on Tuesday, September 2nd. Finally, Citigroup reaffirmed a “neutral” rating and set a $85.00 price target (down previously from $110.00) on shares of Fortinet in a research report on Monday, August 18th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $97.03.

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.