Freestone Capital Holdings LLC Reduces Holdings in Fortinet, Inc. $FTNT

Freestone Capital Holdings LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 25.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,640 shares of the software maker’s stock after selling 2,572 shares during the quarter. Freestone Capital Holdings LLC’s holdings in Fortinet were worth $808,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Warther Private Wealth LLC raised its position in Fortinet by 39.7% during the 2nd quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock worth $19,258,000 after buying an additional 51,750 shares during the last quarter. Cooper Financial Group acquired a new position in shares of Fortinet during the second quarter worth about $2,653,000. Mainstay Capital Management LLC ADV increased its stake in shares of Fortinet by 105.8% during the second quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock worth $1,778,000 after acquiring an additional 8,643 shares during the period. Motley Fool Asset Management LLC raised its holdings in Fortinet by 15.0% during the second quarter. Motley Fool Asset Management LLC now owns 50,464 shares of the software maker’s stock worth $5,335,000 after purchasing an additional 6,566 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in Fortinet by 40.7% in the first quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker’s stock valued at $7,045,000 after purchasing an additional 21,177 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Stock Up 1.3%

Fortinet stock opened at $87.52 on Tuesday. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The firm has a market capitalization of $67.06 billion, a price-to-earnings ratio of 34.87, a price-to-earnings-growth ratio of 3.17 and a beta of 1.09. The stock’s fifty day moving average is $82.76 and its two-hundred day moving average is $93.41. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping 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 business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the previous year, the firm earned $0.57 EPS. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. Analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on FTNT shares. Truist Financial dropped their target price on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, August 7th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a report on Thursday, August 7th. TD Cowen reissued a “hold” rating and issued a $105.00 target price on shares of Fortinet in a report on Thursday, August 7th. Erste Group Bank lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. Finally, Evercore ISI cut their price target 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. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target 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.