Xponance Inc. Decreases Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Xponance Inc. cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 6.7% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 165,492 shares of the software maker’s stock after selling 11,839 shares during the quarter. Xponance Inc.’s holdings in Fortinet were worth $9,974,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction 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 owns 10,847,018 shares in the company, valued at $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. 18.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have commented on FTNT shares. Wells Fargo & Company upped their price target on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their target price on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Morgan Stanley reduced their price objective 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. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Wednesday, August 7th. Finally, TD Cowen upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Thursday, July 18th. Twenty-three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $71.57.

Fortinet Stock Performance

Shares of FTNT stock opened at $77.44 on Tuesday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The company has a 50 day moving average price of $69.23 and a 200-day moving average price of $65.21. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $78.08. The firm has a market capitalization of $59.16 billion, a PE ratio of 50.61, a P/E/G ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates 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 was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.31 EPS. As a group, equities research analysts expect that Fortinet, Inc. will post 1.7 earnings per share for the current year.

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.