Oppenheimer & Co. Inc. Sells 7,039 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Oppenheimer & Co. Inc. lowered its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 12.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,545 shares of the software maker’s stock after selling 7,039 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Fortinet were worth $3,107,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of FTNT. Financial Advocates Investment Management bought a new position in Fortinet in the 4th quarter worth $261,000. Brown Advisory Inc. raised its holdings in Fortinet by 1.6% in the 4th quarter. Brown Advisory Inc. now owns 127,919 shares of the software maker’s stock worth $7,487,000 after acquiring an additional 1,964 shares during the period. FUKOKU MUTUAL LIFE INSURANCE Co bought a new position in Fortinet in the 4th quarter worth $225,000. Norges Bank bought a new position in Fortinet in the 4th quarter worth $203,501,000. Finally, Balentine LLC bought a new position in Fortinet in the 4th quarter worth $206,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

FTNT opened at $75.01 on Monday. Fortinet, Inc. has a one year low of $44.12 and a one year high of $78.08. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The company’s 50 day simple moving average is $67.27 and its 200-day simple moving average is $64.98. The stock has a market capitalization of $57.30 billion, a P/E ratio of 49.03, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the firm earned $0.31 earnings per share. Fortinet’s revenue was up 10.9% compared to the same quarter last year. Sell-side analysts anticipate that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Analyst Ratings Changes

FTNT has been the topic of several recent analyst reports. TD Cowen upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Thursday, July 18th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research report on Thursday, August 8th. Rosenblatt Securities cut their price objective on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, August 5th. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus target price of $71.57.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 24,267 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the transaction, the chief executive officer now directly owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred 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 transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 24,267 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The disclosure for this sale can be found here. Insiders have sold 72,672 shares of company stock worth $4,573,864 over the last ninety days. Company insiders own 18.00% of the company’s stock.

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.