Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Stephens Investment Management Group LLC

Stephens Investment Management Group LLC cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 56.7% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 150,581 shares of the software maker’s stock after selling 197,298 shares during the period. Stephens Investment Management Group LLC’s holdings in Fortinet were worth $11,678,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Winthrop Capital Management LLC bought a new stake in Fortinet in the 1st quarter valued at about $25,000. Eastern Bank bought a new stake in shares of Fortinet during the 3rd quarter worth about $25,000. Oakworth Capital Inc. bought a new stake in shares of Fortinet during the 2nd quarter worth about $33,000. Versant Capital Management Inc raised its position in shares of Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after buying an additional 238 shares in the last quarter. Finally, City State Bank raised its position in shares of Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Performance

Shares of FTNT opened at $78.80 on Friday. The company’s fifty day moving average is $78.06 and its 200-day moving average is $67.48. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $83.77. The firm has a market cap of $60.27 billion, a price-to-earnings ratio of 46.63, a price-to-earnings-growth ratio of 2.78 and a beta of 1.00. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same period last year, the business posted $0.31 EPS. Fortinet’s revenue was up 10.9% compared to the same quarter last year. Equities analysts expect that Fortinet, Inc. will post 1.74 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last three months, insiders have sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is owned by insiders.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent analyst reports. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a research report on Wednesday, August 7th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. Wells Fargo & Company boosted their target price on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Susquehanna boosted their target price on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, twenty-two have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortinet has a consensus rating of “Hold” and a consensus price target of $74.68.

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.