Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 58.6% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,329 shares of the software maker’s stock after selling 37,297 shares during the period. Edgestream Partners L.P.’s holdings in Fortinet were worth $1,587,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Winthrop Capital Management LLC bought a new stake in Fortinet during the first quarter valued at $25,000. Rise Advisors LLC grew its position in shares of 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 buying an additional 217 shares during the last quarter. Vima LLC acquired a new stake in Fortinet during the fourth quarter worth about $25,000. Oakworth Capital Inc. bought a new position in Fortinet in the second quarter worth about $33,000. Finally, Creekmur Asset Management LLC acquired a new position in Fortinet in the fourth quarter valued at approximately $32,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Up 1.3 %

FTNT opened at $75.66 on Friday. The firm has a market cap of $57.80 billion, a P/E ratio of 49.45, 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. The business has a 50 day moving average price of $68.20 and a 200 day moving average price of $65.14. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $78.08.

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

Analyst Ratings Changes

A number of research firms recently issued reports on FTNT. BMO Capital Markets boosted their price objective on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. Royal Bank of Canada increased their price objective on shares of Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 7th. TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Thursday, July 18th. Barclays dropped their price target on shares of Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 11th. Finally, Wells Fargo & Company boosted their price objective on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $71.57.

Insider Activity

In related news, CEO Ken Xie sold 24,267 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the sale, the chief executive officer now owns 48,777,294 shares in the company, valued at approximately $2,927,125,412.94. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Fortinet news, CEO Ken Xie sold 24,267 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction dated 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 transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 96,210 shares of company stock valued at $6,337,801. 18.00% of the stock is owned by insiders.

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.