Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 17.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,564,467 shares of the software maker’s stock after selling 342,242 shares during the period. Hsbc Holdings PLC owned 0.20% of Fortinet worth $94,431,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of FTNT. Vima LLC acquired a new stake in Fortinet in the 4th quarter worth approximately $25,000. Winthrop Capital Management LLC acquired a new stake in Fortinet during the 1st quarter valued at approximately $25,000. Rise Advisors LLC lifted its stake in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new stake in Fortinet during the 4th quarter valued at approximately $32,000. Finally, Oakworth Capital Inc. acquired a new stake in Fortinet during the 2nd quarter valued at approximately $33,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Trading Down 1.2 %

Shares of FTNT stock opened at $74.68 on Thursday. The company’s 50-day moving average price is $67.90 and its 200-day moving average price is $65.07. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The stock has a market cap of $57.05 billion, a price-to-earnings ratio of 48.81, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $78.08.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results 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. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 EPS. As a group, equities analysts predict that Fortinet, Inc. will post 1.7 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on FTNT shares. Piper Sandler upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research note on Wednesday, August 7th. Cantor Fitzgerald lifted their price objective on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Finally, 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 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 issued a strong buy rating to the company. According to MarketBeat, Fortinet has an average rating of “Hold” and an average price target of $71.57.

Insider Activity

In other Fortinet news, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Fortinet news, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $60.01, for a total value of $1,456,262.67. Following the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. In the last quarter, insiders have sold 96,210 shares of company stock valued at $6,337,801. 18.00% of the stock is currently 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.