Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Aldebaran Financial Inc.

Aldebaran Financial Inc. lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 2.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,478 shares of the software maker’s stock after selling 2,305 shares during the quarter. Fortinet accounts for approximately 6.6% of Aldebaran Financial Inc.’s holdings, making the stock its 3rd biggest holding. Aldebaran Financial Inc.’s holdings in Fortinet were worth $4,730,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FTNT. Price T Rowe Associates Inc. MD grew its position in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after buying an additional 30,542,551 shares in the last quarter. Swedbank AB acquired a new position in Fortinet during the 1st quarter worth $548,013,000. Marshall Wace LLP increased its position in shares of Fortinet by 198.5% in the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. Finally, Sarasin & Partners LLP bought a new position in shares of Fortinet during the first quarter worth about $120,746,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FTNT. HSBC raised Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a report on Wednesday, August 7th. Royal Bank of Canada upped their price target on Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 7th. Cantor Fitzgerald lifted their price objective on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Susquehanna increased their target price on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Finally, Rosenblatt Securities decreased 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. Twenty-three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $71.57.

Fortinet Stock Up 0.1 %

FTNT opened at $77.55 on Tuesday. The stock’s fifty day moving average is $71.09 and its 200-day moving average is $65.45. Fortinet, Inc. has a one year low of $44.12 and a one year high of $78.18. The company has a market capitalization of $59.24 billion, a PE ratio of 50.69, a P/E/G 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.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. Fortinet’s revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.31 EPS. On average, equities analysts predict that Fortinet, Inc. will post 1.72 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated 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 $3,662,977,721.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The stock was 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. Over the last 90 days, insiders have sold 96,210 shares of company stock worth $6,337,801. 18.00% of the stock is owned by insiders.

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.