Moran Wealth Management LLC Lowers Stock Position in Fortinet, Inc. $FTNT

Moran Wealth Management LLC cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 97,207 shares of the software maker’s stock after selling 571 shares during the period. Moran Wealth Management LLC’s holdings in Fortinet were worth $10,277,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Saudi Central Bank purchased a new stake in shares of Fortinet during the 1st quarter valued at $25,000. Clearstead Trust LLC purchased a new stake in Fortinet during the 1st quarter worth $28,000. Caitong International Asset Management Co. Ltd boosted its position 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 purchasing an additional 284 shares during the period. ORG Partners LLC boosted its position in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after purchasing an additional 112 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. boosted its position in Fortinet by 41.4% during the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after purchasing an additional 104 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on FTNT shares. Truist Financial decreased their price target on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, August 7th. Mizuho cut their price objective on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a report on Thursday, August 7th. Cowen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 7th. Rosenblatt Securities reiterated a “neutral” rating and issued a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Fortinet in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $97.03.

Insider Activity

In related news, CEO Ken Xie sold 158,486 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is owned by corporate insiders.

Fortinet Stock Performance

Shares of FTNT stock opened at $84.20 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The company’s 50-day simple moving average is $81.43 and its 200-day simple moving average is $94.43. The stock has a market capitalization of $64.52 billion, a price-to-earnings ratio of 33.55, a PEG ratio of 3.13 and a beta of 1.09.

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

Fortinet Company Profile

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.