Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 8.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,390,177 shares of the software maker’s stock after selling 224,313 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.31% of Fortinet worth $144,052,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. D.A. Davidson & CO. grew its position in shares of Fortinet by 2.5% during the 4th quarter. D.A. Davidson & CO. now owns 26,350 shares of the software maker’s stock valued at $1,542,000 after buying an additional 649 shares during the last quarter. Corient Private Wealth LLC raised its position in shares of Fortinet by 36.9% during the 4th quarter. Corient Private Wealth LLC now owns 144,429 shares of the software maker’s stock worth $8,453,000 after purchasing an additional 38,931 shares during the period. Quest Partners LLC bought a new stake in shares of Fortinet in the 4th quarter worth approximately $196,000. Ontario Teachers Pension Plan Board boosted its position in Fortinet by 4.8% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 15,857 shares of the software maker’s stock valued at $928,000 after purchasing an additional 731 shares during the period. Finally, TCW Group Inc. bought a new position in Fortinet during the 4th quarter worth $611,000. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Rosenblatt Securities reduced their price target on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a report on Monday, August 5th. Robert W. Baird upped their target price on shares of Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a report on Wednesday, August 7th. Scotiabank increased their price objective on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, August 7th. Finally, Morgan Stanley cut their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. Twenty-three equities research 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $71.57.

Fortinet Stock Performance

Shares of FTNT stock opened at $76.78 on Friday. The company has a market capitalization of $58.66 billion, a price-to-earnings ratio of 50.18, a P/E/G ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $78.08. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The stock’s fifty day simple moving average is $68.88 and its 200-day simple moving average is $65.22.

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

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.