Lion Street Advisors LLC Sells 175 Shares of Fortinet, Inc. $FTNT

Lion Street Advisors LLC lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 18,192 shares of the software maker’s stock after selling 175 shares during the period. Lion Street Advisors LLC’s holdings in Fortinet were worth $1,923,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Dover Advisors LLC raised its holdings in Fortinet by 1.0% during the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after buying an additional 94 shares during the last quarter. Hemington Wealth Management raised its holdings in Fortinet by 13.2% in the 2nd quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after purchasing an additional 99 shares in the last quarter. Peloton Wealth Strategists raised its holdings in Fortinet by 2.4% in the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after purchasing an additional 100 shares in the last quarter. Trust Co. of Vermont raised its holdings in Fortinet by 3.6% in the 2nd quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after purchasing an additional 100 shares in the last quarter. Finally, Board of the Pension Protection Fund raised its holdings in Fortinet by 4.5% in the 2nd quarter. Board of the Pension Protection Fund now owns 2,300 shares of the software maker’s stock worth $243,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Down 3.6%

NASDAQ:FTNT opened at $83.06 on Monday. The firm’s 50-day moving average price is $81.72 and its 200-day moving average price is $94.52. The company has a market capitalization of $63.64 billion, a PE ratio of 33.09, a P/E/G ratio of 3.13 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. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82.

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Barclays decreased their price objective on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday, August 7th. Evercore ISI decreased their price objective on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a report on Friday, August 8th. Stifel Nicolaus decreased their price objective on shares of Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a report on Thursday, August 7th. DZ Bank upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price objective for the company in a report on Friday, August 8th. Finally, Citigroup restated a “neutral” rating and issued a $85.00 price objective (down from $110.00) on shares of Fortinet in a report on Monday, August 18th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and an average target price of $97.03.

Insider Activity

In related news, VP Michael Xie sold 476,596 shares of the stock in a transaction dated 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 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the 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 sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company’s stock.

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.