Thrivent Financial for Lutherans Decreases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Thrivent Financial for Lutherans decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 1,483,813 shares of the software maker’s stock after selling 14,280 shares during the period. Thrivent Financial for Lutherans owned approximately 0.19% of Fortinet worth $89,430,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet in the first quarter worth about $25,000. Rise Advisors LLC lifted its position in 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 in the last quarter. Vima LLC purchased a new position in Fortinet in the 4th quarter worth approximately $25,000. Oakworth Capital Inc. acquired a new stake in Fortinet in the second quarter valued at approximately $33,000. Finally, Creekmur Asset Management LLC purchased a new stake in shares of Fortinet during the fourth quarter valued at approximately $32,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 24,267 shares of Fortinet stock in a transaction on 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 sale, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred 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 $608,626,179.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the completion of the sale, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The disclosure for this sale can be found here. Over the last three months, insiders sold 96,210 shares of company stock worth $6,337,801. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

FTNT stock opened at $76.78 on Friday. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $78.08. The stock has a market capitalization of $58.66 billion, a price-to-earnings ratio of 50.18, a PEG ratio of 2.77 and a beta of 1.00. 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 stock’s fifty day moving average is $68.88 and its two-hundred day moving average is $65.22.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data 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. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm 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 posted $0.31 EPS. Fortinet’s quarterly revenue was up 10.9% compared to the same quarter last year. On average, research analysts predict that Fortinet, Inc. will post 1.7 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. TD Cowen upgraded Fortinet from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Thursday, July 18th. Deutsche Bank Aktiengesellschaft lifted their target price on Fortinet from $71.00 to $75.00 and gave the stock a “hold” 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 for the company in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald lifted their price objective on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Twenty-three investment 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $71.57.

Fortinet 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.