Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Leuthold Group LLC

Leuthold Group LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 0.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 71,850 shares of the software maker’s stock after selling 641 shares during the quarter. Leuthold Group LLC’s holdings in Fortinet were worth $4,330,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. MQS Management LLC acquired a new stake in Fortinet during the 2nd quarter worth about $311,000. Seven Eight Capital LP increased its position in shares of Fortinet by 182.4% in the second quarter. Seven Eight Capital LP now owns 29,367 shares of the software maker’s stock worth $1,770,000 after acquiring an additional 18,967 shares in the last quarter. CCLA Investment Management raised its holdings in shares of Fortinet by 74.0% during the second quarter. CCLA Investment Management now owns 1,383,197 shares of the software maker’s stock valued at $82,985,000 after acquiring an additional 588,080 shares during the period. Blair William & Co. IL lifted its position in shares of Fortinet by 0.7% in the 2nd quarter. Blair William & Co. IL now owns 225,350 shares of the software maker’s stock valued at $13,582,000 after acquiring an additional 1,538 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its stake in Fortinet by 10.9% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 72,139 shares of the software maker’s stock worth $4,342,000 after purchasing an additional 7,062 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In other Fortinet 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 transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 24,712 shares of the company’s 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 96,210 shares of company stock worth $6,337,801. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Down 1.2 %

Shares of FTNT opened at $74.68 on Thursday. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The company has a 50-day simple moving average of $67.90 and a 200-day simple moving average of $65.07. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $78.08. The firm has a market capitalization of $57.05 billion, a P/E ratio of 48.81, a P/E/G ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the company posted $0.31 earnings per share. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. On average, equities research analysts expect that Fortinet, Inc. will post 1.7 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on FTNT shares. Royal Bank of Canada increased their target price on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Wednesday, August 7th. Wells Fargo & Company lifted their target price on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Wedbush reissued an “outperform” rating and issued a $78.00 price target on shares of Fortinet in a research report on Wednesday, August 7th. Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Finally, Robert W. Baird lifted their target price on shares of Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and a consensus target price of $71.57.

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.