Creative Planning Cuts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Creative Planning decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 36.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 104,278 shares of the software maker’s stock after selling 59,089 shares during the period. Creative Planning’s holdings in Fortinet were worth $8,087,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its position in 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 valued at $2,400,215,000 after buying an additional 30,542,551 shares during the period. Swedbank AB bought a new position in shares of Fortinet during the 1st quarter valued at approximately $548,013,000. Marshall Wace LLP increased its stake in shares of Fortinet by 198.5% during 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 holdings 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 worth $346,890,000 after purchasing an additional 2,802,446 shares during the period. Finally, Bessemer Group Inc. lifted its stake in Fortinet by 102.5% in the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock valued at $224,344,000 after purchasing an additional 1,662,156 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Trading Down 2.5 %

Shares of FTNT opened at $80.37 on Thursday. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $83.77. The firm has a market cap of $61.40 billion, a price-to-earnings ratio of 53.69, a PEG ratio of 2.84 and a beta of 1.00. The firm has a 50 day moving average price of $77.23 and a 200-day moving average price of $66.78. 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 posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. The business 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%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.31 earnings per share. As a group, equities research analysts forecast that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Barclays boosted their target price on Fortinet from $74.00 to $85.00 and gave the company an “equal weight” rating in a research note on Monday, October 7th. Truist Financial boosted their price objective on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday. Rosenblatt Securities cut their target price on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Cantor Fitzgerald boosted their price target on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, TD Cowen upped their price target on shares of Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $73.25.

Insiders Place Their Bets

In other news, VP Michael Xie sold 24,712 shares of the 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 sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,307 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 24,712 shares of the business’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 value of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,250 shares of company stock valued at $6,790,149 in the last ninety days. Company insiders own 18.00% of the company’s stock.

About Fortinet

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.