Daymark Wealth Partners LLC Reduces Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Daymark Wealth Partners LLC lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 10.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 253,607 shares of the software maker’s stock after selling 28,870 shares during the quarter. Daymark Wealth Partners LLC’s holdings in Fortinet were worth $19,667,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Winthrop Capital Management LLC acquired a new position in shares of Fortinet in the first quarter worth about $25,000. Rise Advisors LLC increased its holdings 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 purchasing an additional 217 shares during the last quarter. Vima LLC acquired a new position in shares of Fortinet in the 4th quarter valued at approximately $25,000. Oakworth Capital Inc. purchased a new position in shares of Fortinet during the 2nd quarter valued at approximately $33,000. Finally, Creekmur Asset Management LLC acquired a new stake in shares of Fortinet during the fourth quarter worth approximately $32,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, VP Michael Xie sold 24,712 shares of the business’s 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 sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated 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 sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 96,210 shares of company stock worth $6,337,801 over the last three months. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of NASDAQ:FTNT traded up $1.42 on Wednesday, hitting $79.20. The company’s stock had a trading volume of 1,266,426 shares, compared to its average volume of 5,576,757. The company has a market capitalization of $60.50 billion, a price-to-earnings ratio of 50.84, a price-to-earnings-growth 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, Inc. has a 12 month low of $44.12 and a 12 month high of $79.84. The stock’s 50-day moving average is $73.50 and its two-hundred day moving average is $65.85.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.31 EPS. On average, equities research analysts forecast that Fortinet, Inc. will post 1.72 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have commented on FTNT shares. Susquehanna increased their price objective on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Royal Bank of Canada upped their target price on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 7th. Morgan Stanley decreased their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a research note on Wednesday, August 7th. Finally, DZ Bank upgraded Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research report on Thursday, August 8th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $72.11.

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.