Fortinet, Inc. $FTNT Shares Sold by InTrack Investment Management Inc

InTrack Investment Management Inc decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 18,758 shares of the software maker’s stock after selling 552 shares during the quarter. Fortinet comprises about 1.3% of InTrack Investment Management Inc’s investment portfolio, making the stock its 23rd largest holding. InTrack Investment Management Inc’s holdings in Fortinet were worth $1,983,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Saudi Central Bank acquired a new position in shares of Fortinet in the first quarter worth $25,000. Clearstead Trust LLC acquired a new position in shares of Fortinet in the first quarter worth $28,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after purchasing an additional 284 shares during the last quarter. ORG Partners LLC lifted its position in shares of Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after purchasing an additional 112 shares during the last quarter. Finally, EQ Wealth Advisors LLC purchased a new stake in shares of Fortinet during the 1st quarter worth $35,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 476,596 shares of the company’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the company’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by corporate insiders.

Fortinet Price Performance

Shares of FTNT opened at $86.46 on Thursday. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The stock has a market cap of $66.25 billion, a PE ratio of 34.45, a price-to-earnings-growth ratio of 3.20 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The firm has a fifty day moving average price of $82.28 and a 200 day moving average price of $94.82.

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

Analysts Set New Price Targets

FTNT has been the subject of several recent analyst reports. TD Cowen reaffirmed a “hold” rating and set a $105.00 price objective on shares of Fortinet in a research report on Thursday, August 7th. Royal Bank Of Canada decreased their price objective on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a research report on Thursday, August 7th. Wedbush decreased their price objective on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a research report on Thursday, August 7th. KeyCorp cut shares of Fortinet from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 7th. Finally, Mizuho decreased their price objective on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $97.03.

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.