Fortinet, Inc. $FTNT Shares Sold by Venture Visionary Partners LLC

Venture Visionary Partners LLC decreased its position in Fortinet, Inc. (NASDAQ:FTNTFree Report) by 37.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,687 shares of the software maker’s stock after selling 7,707 shares during the quarter. Venture Visionary Partners LLC’s holdings in Fortinet were worth $1,221,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Hemington Wealth Management lifted its holdings in shares of Fortinet by 16.6% in the first quarter. Hemington Wealth Management now owns 752 shares of the software maker’s stock valued at $72,000 after buying an additional 107 shares during the period. Citizens Financial Group Inc. RI raised its position in shares of Fortinet by 0.9% during the first quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker’s stock worth $1,187,000 after purchasing an additional 107 shares during the period. Eagle Capital Management LLC raised its position in Fortinet by 0.4% during the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker’s stock valued at $2,530,000 after buying an additional 109 shares during the period. ORG Partners LLC raised its position in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after buying an additional 112 shares during the period. Finally, Bogart Wealth LLC raised its position in Fortinet by 37.3% during the first quarter. Bogart Wealth LLC now owns 412 shares of the software maker’s stock valued at $40,000 after buying an additional 112 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the transaction, the vice president directly owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ken Xie sold 158,486 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FTNT. Morgan Stanley lowered Fortinet from an “overweight” rating to a “reduce” rating and dropped their price target for the company from $110.00 to $78.00 in a research report on Thursday, August 7th. TD Cowen reaffirmed a “hold” rating and issued a $105.00 target price on shares of Fortinet in a research report on Thursday, August 7th. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $85.00 target price (down from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. Robert W. Baird upped their target price on Fortinet from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $85.00 target price (down from $110.00) on shares of Fortinet in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus target price of $97.40.

Read Our Latest Stock Analysis on FTNT

Fortinet Price Performance

Shares of FTNT stock opened at $79.61 on Thursday. The stock has a 50 day moving average of $97.88 and a two-hundred day moving average of $100.47. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The company has a market capitalization of $61.00 billion, a P/E ratio of 31.72, a P/E/G ratio of 2.96 and a beta of 1.07.

Fortinet (NASDAQ:FTNTGet Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the company earned $0.57 EPS. The company’s quarterly revenue was up 13.6% on a year-over-year basis. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Fortinet Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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