Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Brighton Jones LLC

Brighton Jones LLC lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 10.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,429 shares of the software maker’s stock after selling 1,401 shares during the period. Brighton Jones LLC’s holdings in Fortinet were worth $689,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Vima LLC purchased a new stake in shares of Fortinet in the fourth quarter valued at approximately $25,000. Winthrop Capital Management LLC acquired a new stake in shares of Fortinet in the 1st quarter worth $25,000. Rise Advisors LLC raised its holdings in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new position in shares of Fortinet during the 4th quarter valued at about $32,000. Finally, Oakworth Capital Inc. purchased a new stake in shares of Fortinet in the second quarter valued at about $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $76.78 on Friday. The company has a market cap of $58.66 billion, a P/E ratio of 50.18, a PEG ratio of 2.77 and a beta of 1.00. The firm has a fifty day moving average price of $68.88 and a 200 day moving average price of $65.22. 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 12 month low of $44.12 and a 12 month high of $78.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the prior year, the firm posted $0.31 EPS. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. Sell-side analysts predict that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Ken Xie sold 24,267 shares of the firm’s 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 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 legal filing with the SEC, which is accessible through this hyperlink. Also, 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 completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders sold a total of 96,210 shares of company stock valued at $6,337,801 over the last ninety days. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on FTNT. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a report on Tuesday, September 10th. Wells Fargo & Company upped their price objective on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Wedbush restated an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a research report on Wednesday, August 7th. Finally, Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Twenty-three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock 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.