Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Ieq Capital LLC

Ieq Capital LLC trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 0.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,468 shares of the software maker’s stock after selling 497 shares during the quarter. Ieq Capital LLC’s holdings in Fortinet were worth $3,765,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. TFO Wealth Partners LLC raised its holdings in Fortinet by 72,668.0% in the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock valued at $1,065,000 after buying an additional 18,167 shares during the period. Sanibel Captiva Trust Company Inc. purchased a new position in shares of Fortinet in the 4th quarter valued at $10,394,000. Hsbc Holdings PLC lifted its holdings in shares of Fortinet by 30.2% during the 4th quarter. Hsbc Holdings PLC now owns 1,675,718 shares of the software maker’s stock valued at $98,080,000 after acquiring an additional 389,098 shares in the last quarter. Advanced Portfolio Management LLC purchased a new stake in Fortinet during the 4th quarter worth $1,537,000. Finally, GAMMA Investing LLC increased its holdings in Fortinet by 26.9% in the 1st quarter. GAMMA Investing LLC now owns 10,001 shares of the software maker’s stock valued at $683,000 after purchasing an additional 2,118 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

FTNT stock opened at $76.78 on Friday. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $78.08. The stock has a market capitalization of $58.66 billion, a price-to-earnings ratio of 50.18, a PEG 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 stock’s fifty day moving average is $68.54 and its two-hundred day moving average is $65.21.

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, beating the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion for 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 quarterly revenue was up 10.9% compared to the same quarter last year. During the same period last year, the firm posted $0.31 EPS. On average, research analysts predict that Fortinet, Inc. will post 1.7 EPS for the current year.

Insider Activity

In related 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 value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction 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 transaction, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $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 valued at $6,337,801. Insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on FTNT. Rosenblatt Securities reduced their price objective on Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. Cantor Fitzgerald boosted their price target on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and issued a $78.00 price objective on shares of Fortinet in a research report on Wednesday, August 7th. Morgan Stanley reduced their target price on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. Finally, Scotiabank raised their price target on shares of Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 7th. 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $71.57.

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.