V Square Quantitative Management LLC Cuts Stake in Fortinet, Inc. (NASDAQ:FTNT)

V Square Quantitative Management LLC cut its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 12,479 shares of the software maker’s stock after selling 203 shares during the period. V Square Quantitative Management LLC’s holdings in Fortinet were worth $968,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FTNT. Winthrop Capital Management LLC purchased a new position in Fortinet in the 1st quarter worth approximately $25,000. Rise Advisors LLC raised its stake in shares of Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the last quarter. City State Bank lifted its holdings in shares of Fortinet by 900.0% during the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after purchasing an additional 450 shares in the last quarter. Oakworth Capital Inc. purchased a new stake in shares of Fortinet during the second quarter valued at $33,000. Finally, Paladin Wealth LLC bought a new stake in Fortinet in the 3rd quarter worth about $46,000. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 0.3 %

FTNT opened at $81.07 on Friday. The company has a market capitalization of $61.93 billion, a PE ratio of 52.99, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00. The firm has a 50-day simple moving average of $76.78 and a two-hundred day simple moving average of $66.66. 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, Inc. has a 52 week low of $44.12 and a 52 week high of $83.77.

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

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Fortinet news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at $4,005,692,751.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,250 shares of company stock valued at $6,790,149. 18.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Cantor Fitzgerald increased their price target on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. BMO Capital Markets lifted their price objective on Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a report on Wednesday, August 7th. Finally, Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $72.71.

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.