Yousif Capital Management LLC Lowers Position in Fortinet, Inc. $FTNT

Yousif Capital Management LLC lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.7% during the second quarter, HoldingsChannel reports. The institutional investor owned 82,787 shares of the software maker’s stock after selling 1,399 shares during the quarter. Yousif Capital Management LLC’s holdings in Fortinet were worth $8,752,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Brighton Jones LLC raised its position in Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock valued at $976,000 after purchasing an additional 221 shares in the last quarter. Bison Wealth LLC purchased a new stake in Fortinet during the fourth quarter valued at about $585,000. GAMMA Investing LLC raised its position in Fortinet by 18.9% during the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker’s stock valued at $1,928,000 after purchasing an additional 3,189 shares in the last quarter. Assenagon Asset Management S.A. raised its position in Fortinet by 4.0% during the first quarter. Assenagon Asset Management S.A. now owns 17,739 shares of the software maker’s stock valued at $1,708,000 after purchasing an additional 677 shares in the last quarter. Finally, CVA Family Office LLC raised its position in Fortinet by 16.4% during the first quarter. CVA Family Office LLC now owns 1,071 shares of the software maker’s stock valued at $103,000 after purchasing an additional 151 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 1.4%

Shares of NASDAQ:FTNT opened at $84.20 on Tuesday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The company has a market cap of $64.52 billion, a PE ratio of 33.55, 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. The stock’s 50-day moving average is $81.43 and its 200 day moving average is $94.43.

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on FTNT shares. KeyCorp downgraded Fortinet from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 7th. Wall Street Zen cut Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Royal Bank Of Canada reduced their price objective on Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 7th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. Finally, Cantor Fitzgerald raised their price objective on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus target price of $97.03.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 476,596 shares of Fortinet 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 $46,935,174.08. Following the sale, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is owned by insiders.

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.