Conestoga Capital Advisors LLC Sells 3,720 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Conestoga Capital Advisors LLC lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 26.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,114 shares of the software maker’s stock after selling 3,720 shares during the quarter. Conestoga Capital Advisors LLC’s holdings in Fortinet were worth $784,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. Sarasin & Partners LLP grew its stake in shares of Fortinet by 22.4% in the second quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock worth $130,370,000 after acquiring an additional 395,477 shares during the period. Forsta AP Fonden increased its holdings in shares of Fortinet by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 135,500 shares of the software maker’s stock worth $10,508,000 after buying an additional 14,300 shares during the last quarter. PDS Planning Inc bought a new stake in shares of Fortinet in the 1st quarter valued at approximately $200,000. Cetera Investment Advisers boosted its stake in Fortinet by 543.5% during the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after buying an additional 132,871 shares during the period. Finally, Sei Investments Co. raised its holdings in shares of Fortinet by 10.5% in the first quarter. Sei Investments Co. now owns 138,893 shares of the software maker’s stock worth $9,488,000 after buying an additional 13,178 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. 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 hyperlink. Insiders sold a total of 70,538 shares of company stock worth $5,403,559 over the last three months. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Up 0.9 %

Shares of NASDAQ:FTNT traded up $0.69 during midday trading on Friday, hitting $79.35. 1,224,690 shares of the stock were exchanged, compared to its average volume of 5,418,040. The company has a market capitalization of $60.70 billion, a PE ratio of 46.54, a P/E/G ratio of 2.78 and a beta of 1.00. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $83.77. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The business’s fifty day simple moving average is $77.98 and its two-hundred day simple moving average is $67.38.

Fortinet (NASDAQ:FTNT) last released 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. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.31 earnings per share. As a group, research analysts predict that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on FTNT. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a research report on Thursday, August 8th. Piper Sandler upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Rosenblatt Securities boosted their price objective on shares of Fortinet from $72.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday. Wells Fargo & Company increased their target price on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Finally, Truist Financial lifted their price objective on shares of Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and a consensus price target of $74.68.

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.