Raymond James Financial Inc. Decreases Stock Position in Fortinet, Inc. $FTNT

Raymond James Financial Inc. lowered its stake in Fortinet, Inc. (NASDAQ:FTNT) by 11.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 651,169 shares of the software maker’s stock after selling 83,173 shares during the quarter. Raymond James Financial Inc.’s holdings in Fortinet were worth $62,682,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of FTNT. Eagle Capital Management LLC lifted its stake in Fortinet by 1.6% in the 4th quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker’s stock worth $2,473,000 after purchasing an additional 404 shares in the last quarter. Brighton Jones LLC lifted its stake in Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after purchasing an additional 221 shares in the last quarter. MML Investors Services LLC lifted its stake in Fortinet by 70.2% in the 4th quarter. MML Investors Services LLC now owns 77,787 shares of the software maker’s stock worth $7,349,000 after purchasing an additional 32,077 shares in the last quarter. Stifel Financial Corp lifted its stake in Fortinet by 1.1% in the 4th quarter. Stifel Financial Corp now owns 880,188 shares of the software maker’s stock worth $83,160,000 after purchasing an additional 9,573 shares in the last quarter. Finally, Hsbc Holdings PLC raised its position in shares of Fortinet by 4.1% during the 4th quarter. Hsbc Holdings PLC now owns 1,415,431 shares of the software maker’s stock valued at $133,906,000 after buying an additional 56,183 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Fortinet Price Performance

Shares of FTNT stock opened at $79.61 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. 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. The company’s 50-day simple moving average is $97.88 and its two-hundred day simple moving average is $100.47. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.57 EPS. As a group, equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In related news, Director William H. Neukom bought 335 shares of the company’s stock in a transaction on Friday, June 6th. The shares were acquired at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director directly owned 301,471 shares of the company’s stock, valued at approximately $31,419,307.62. The trade was a 0.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 158,486 shares of the company’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on FTNT shares. JPMorgan Chase & Co. decreased their target price on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Wedbush decreased their target price on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. Royal Bank Of Canada decreased their target price on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 7th. Erste Group Bank cut shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $85.00 target price (down from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $97.40.

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.