Personal CFO Solutions LLC Decreases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Personal CFO Solutions LLC cut its position in Fortinet, Inc. (NASDAQ:FTNT) by 10.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,619 shares of the software maker’s stock after selling 564 shares during the period. Personal CFO Solutions LLC’s holdings in Fortinet were worth $349,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. St. Johns Investment Management Company LLC acquired a new position in shares of Fortinet during the 2nd quarter worth about $30,000. Retirement Group LLC purchased a new position in Fortinet in the fourth quarter valued at approximately $30,000. Altshuler Shaham Ltd acquired a new stake in Fortinet during the second quarter worth approximately $31,000. Resurgent Financial Advisors LLC purchased a new stake in shares of Fortinet during the 4th quarter worth approximately $31,000. Finally, Nvwm LLC boosted its holdings in shares of Fortinet by 178.8% in the 1st quarter. Nvwm LLC now owns 474 shares of the software maker’s stock valued at $32,000 after buying an additional 304 shares in the last quarter. 65.00% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Fortinet

In other news, CFO Keith Jensen sold 24,715 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $58.99, for a total transaction of $1,457,937.85. Following the completion of the transaction, the chief financial officer now directly owns 4,583 shares of the company’s stock, valued at approximately $270,351.17. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Fortinet news, EVP Patrice Perche sold 7,530 shares of the company’s stock in a transaction dated Thursday, September 21st. The shares were sold at an average price of $59.10, for a total value of $445,023.00. Following the transaction, the executive vice president now directly owns 25,730 shares in the company, valued at approximately $1,520,643. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Keith Jensen sold 24,715 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $58.99, for a total transaction of $1,457,937.85. Following the sale, the chief financial officer now directly owns 4,583 shares in the company, valued at $270,351.17. The disclosure for this sale can be found here. Insiders have sold 48,698 shares of company stock valued at $2,774,119 over the last quarter. Corporate insiders own 17.54% of the company’s stock.

Analyst Ratings Changes

FTNT has been the subject of a number of research reports. Scotiabank reduced their price target on shares of Fortinet from $90.00 to $71.00 and set a “sector outperform” rating for the company in a research report on Friday, August 4th. Capital One Financial started coverage on Fortinet in a report on Wednesday, September 13th. They issued an “overweight” rating and a $74.00 target price for the company. Oppenheimer restated a “market perform” rating on shares of Fortinet in a research note on Friday, November 3rd. Morgan Stanley lowered their target price on shares of Fortinet from $75.00 to $60.00 and set an “overweight” rating on the stock in a research report on Friday, November 3rd. Finally, Needham & Company LLC initiated coverage on shares of Fortinet in a research note on Wednesday, October 25th. They set a “hold” rating for the company. Nineteen equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and a consensus price target of $65.90.

Fortinet Price Performance

FTNT stock opened at $51.26 on Monday. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The company has a market cap of $39.36 billion, a price-to-earnings ratio of 35.35, a PEG ratio of 2.30 and a beta of 1.14. The firm has a 50 day moving average of $56.90 and a 200-day moving average of $64.53. The company has a current ratio of 1.30, a quick ratio of 1.17 and a debt-to-equity ratio of 13.38.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, November 2nd. The software maker reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.05. Fortinet had a return on equity of 3,361.82% and a net margin of 22.25%. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same quarter in the prior year, the company earned $0.28 earnings per share. Fortinet’s revenue was up 15.7% compared to the same quarter last year. As a group, equities analysts expect that Fortinet, Inc. will post 1.28 EPS for the current fiscal year.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.