Fielder Capital Group LLC Has $740,000 Stock Position in Fortinet, Inc. $FTNT

Fielder Capital Group LLC reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 13.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,000 shares of the software maker’s stock after selling 1,050 shares during the quarter. Fielder Capital Group LLC’s holdings in Fortinet were worth $740,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in FTNT. Vanguard Group Inc. raised its stake in Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after buying an additional 3,546,934 shares during the period. AQR Capital Management LLC raised its stake in Fortinet by 40.9% during the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock worth $561,156,000 after buying an additional 1,733,670 shares during the period. Nuveen LLC acquired a new position in Fortinet during the 1st quarter worth approximately $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Fortinet by 17.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock worth $675,405,000 after buying an additional 1,026,277 shares during the period. Finally, Montrusco Bolton Investments Inc. acquired a new position in Fortinet during the 2nd quarter worth approximately $108,056,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of FTNT opened at $85.56 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $65.56 billion, a price-to-earnings ratio of 34.09, a PEG ratio of 3.20 and a beta of 1.09. The stock has a 50 day moving average of $81.97 and a 200 day moving average of $93.93. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The company 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%.Fortinet’s revenue was up 13.6% on a year-over-year basis. During the same period last year, the business posted $0.57 earnings per share. As a group, sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction on Monday, August 4th. The stock was 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 $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value 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. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

FTNT has been the topic of a number of research reports. Rosenblatt Securities reaffirmed a “neutral” rating and set a $85.00 price target (down from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Wedbush lowered their price objective on Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. Cantor Fitzgerald increased their price objective on Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 16th. Erste Group Bank downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Finally, UBS Group lowered their price objective on Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $97.03.

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.