Mount Yale Investment Advisors LLC Decreases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Mount Yale Investment Advisors LLC cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 1.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,911 shares of the software maker’s stock after selling 408 shares during the period. Mount Yale Investment Advisors LLC’s holdings in Fortinet were worth $1,260,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Frank Rimerman Advisors LLC increased its stake in Fortinet by 37,340.0% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 11,232 shares of the software maker’s stock valued at $677,000 after purchasing an additional 11,202 shares in the last quarter. Alaethes Wealth LLC grew its holdings in Fortinet by 3.1% in the second quarter. Alaethes Wealth LLC now owns 26,783 shares of the software maker’s stock valued at $1,614,000 after purchasing an additional 798 shares during the last quarter. Summit Trail Advisors LLC increased its position in shares of Fortinet by 30.4% in the second quarter. Summit Trail Advisors LLC now owns 5,462 shares of the software maker’s stock valued at $329,000 after buying an additional 1,274 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Fortinet by 36.0% during the 2nd quarter. Pacer Advisors Inc. now owns 172,510 shares of the software maker’s stock worth $10,397,000 after buying an additional 45,678 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ boosted its position in shares of Fortinet by 63.3% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 341,237 shares of the software maker’s stock worth $20,566,000 after buying an additional 132,306 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Up 1.5 %

NASDAQ:FTNT opened at $76.78 on Monday. The business’s 50-day moving average is $68.88 and its two-hundred day moving average is $65.18. The firm has a market capitalization of $58.66 billion, a PE ratio of 50.18, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.08. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22.

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

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were 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 approximately $3,662,977,721.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related 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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,538 shares of the 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 transaction, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 96,210 shares of company stock valued at $6,337,801. Corporate insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on FTNT. 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 report on Wednesday, August 7th. DZ Bank raised shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price objective for the company in a research note on Thursday, August 8th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. Robert W. Baird raised their price target on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Finally, Susquehanna upped their target price on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price 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.