Invesco LLC Sells 210 Shares of Fortinet, Inc. $FTNT

Invesco LLC lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 3.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 5,860 shares of the software maker’s stock after selling 210 shares during the quarter. Invesco LLC’s holdings in Fortinet were worth $620,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Geneos Wealth Management Inc. lifted its stake in Fortinet by 40.7% in the first quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker’s stock worth $7,045,000 after acquiring an additional 21,177 shares during the period. Ritholtz Wealth Management raised its holdings in Fortinet by 38.4% in the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker’s stock worth $654,000 after purchasing an additional 1,885 shares in the last quarter. 1834 Investment Advisors Co. lifted its position in shares of Fortinet by 2.9% in the 2nd quarter. 1834 Investment Advisors Co. now owns 12,332 shares of the software maker’s stock worth $1,304,000 after purchasing an additional 353 shares during the period. Gould Capital LLC purchased a new stake in shares of Fortinet in the 1st quarter worth about $908,000. Finally, Dynamic Advisor Solutions LLC bought a new stake in shares of Fortinet during the 1st quarter valued at about $216,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Barclays decreased their price target on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating for the company in a research note on Thursday, August 7th. Erste Group Bank cut Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. UBS Group dropped their price target on Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Wall Street Zen downgraded Fortinet from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Finally, Morgan Stanley restated an “underweight” rating and set a $67.00 target price (down previously from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $97.03.

Insider Activity

In other news, CEO Ken Xie sold 158,486 shares of the company’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by insiders.

Fortinet Trading Up 1.3%

Fortinet stock opened at $84.32 on Monday. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The company has a market capitalization of $64.61 billion, a price-to-earnings ratio of 33.59, a price-to-earnings-growth ratio of 3.18 and a beta of 1.13. The business’s fifty day simple moving average is $85.36 and its two-hundred day simple moving average is $95.46. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company’s revenue was up 13.6% on a year-over-year basis. During the same period last year, the company earned $0.57 earnings per share. As a group, equities analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.