Ensign Peak Advisors Inc Sells 89,215 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Ensign Peak Advisors Inc decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,018,446 shares of the software maker’s stock after selling 89,215 shares during the period. Ensign Peak Advisors Inc owned 0.13% of Fortinet worth $61,382,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in FTNT. Vima LLC bought a new position in shares of Fortinet during the fourth quarter valued at approximately $25,000. Winthrop Capital Management LLC bought a new position in shares of Fortinet during the first quarter valued at approximately $25,000. Rise Advisors LLC increased its stake in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares in the last quarter. Creekmur Asset Management LLC bought a new position in shares of Fortinet during the fourth quarter valued at approximately $32,000. Finally, Oakworth Capital Inc. bought a new position in shares of Fortinet during the second quarter valued at approximately $33,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 1.5 %

FTNT opened at $76.78 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $78.08. The company has a market capitalization of $58.66 billion, a PE ratio of 50.18, a PEG ratio of 2.77 and a beta of 1.00. The firm’s 50 day simple moving average is $68.88 and its two-hundred day simple moving average is $65.22.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping 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 the consensus estimate of $1.40 billion. During the same period last year, the firm earned $0.31 earnings per share. The company’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, equities analysts forecast that Fortinet, Inc. will post 1.7 EPS for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of analyst reports. Citigroup raised their target price on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. Wells Fargo & Company raised their target price on shares of Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Susquehanna increased their price target on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. UBS Group increased their price target on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $71.57.

Insider Activity

In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 24,712 shares of the firm’s 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 disclosure for this sale can be found here. Insiders have sold 96,210 shares of company stock worth $6,337,801 in the last three months. Company insiders own 18.00% of the company’s stock.

Fortinet Company 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.