United Asset Strategies Inc. Sells 6,247 Shares of Fortinet, Inc. $FTNT

United Asset Strategies Inc. cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 16.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,765 shares of the software maker’s stock after selling 6,247 shares during the period. United Asset Strategies Inc.’s holdings in Fortinet were worth $2,961,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. SJS Investment Consulting Inc. grew its holdings in shares of Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after purchasing an additional 225 shares during the last quarter. Clearstead Trust LLC acquired a new position in Fortinet during the 1st quarter worth about $28,000. Caitong International Asset Management Co. Ltd grew its holdings in Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after acquiring an additional 284 shares during the last quarter. ORG Partners LLC increased its position in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after acquiring an additional 112 shares in the last quarter. Finally, EQ Wealth Advisors LLC bought a new position in shares of Fortinet in the first quarter worth about $35,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Up 1.9%

Shares of Fortinet stock opened at $79.61 on Thursday. The business has a fifty day simple moving average of $97.88 and a 200 day simple moving average of $100.47. The stock has a market cap of $61.00 billion, a PE ratio of 31.72, a price-to-earnings-growth ratio of 2.96 and a beta of 1.07. The company has a quick ratio of 1.24, a current ratio of 1.33 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.

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

Wall Street Analyst Weigh In

Several analysts have recently commented on FTNT shares. Scotiabank decreased their price target on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research note on Thursday, August 7th. JPMorgan Chase & Co. decreased their price objective on Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Erste Group Bank cut Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. KeyCorp downgraded Fortinet from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 7th. Finally, Barclays decreased their price target on Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $97.40.

Insider Buying and Selling

In other news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William H. Neukom purchased 335 shares of the firm’s stock in a transaction dated Friday, June 6th. The stock was purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director directly owned 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is owned by insiders.

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.