Fielder Capital Group LLC Sells 1,050 Shares of Fortinet, Inc. $FTNT

Fielder Capital Group LLC reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 13.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,000 shares of the software maker’s stock after selling 1,050 shares during the period. Fielder Capital Group LLC’s holdings in Fortinet were worth $740,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after acquiring an additional 3,546,934 shares during the period. Invesco Ltd. boosted its holdings in shares of Fortinet by 2.2% in the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock worth $824,999,000 after acquiring an additional 181,835 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Fortinet by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock worth $675,405,000 after acquiring an additional 1,026,277 shares during the period. Northern Trust Corp boosted its holdings in shares of Fortinet by 0.8% in the first quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock worth $627,573,000 after acquiring an additional 49,238 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in shares of Fortinet by 40.9% in the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock worth $561,156,000 after acquiring an additional 1,733,670 shares during the period. 83.71% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. UBS Group dropped their price objective on Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Wells Fargo & Company dropped their price objective on Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a research note on Thursday, August 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. JPMorgan Chase & Co. dropped their price objective on Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Finally, Truist Financial dropped their price objective on Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $97.03.

Fortinet Trading Up 0.7%

Shares of FTNT stock opened at $85.56 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The business has a 50-day moving average price of $81.97 and a two-hundred day moving average price of $93.93. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The firm has a market cap of $65.56 billion, a P/E ratio of 34.09, a price-to-earnings-growth ratio of 3.20 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the company posted $0.57 earnings per share. The company’s revenue was up 13.6% compared to the same quarter last year. Equities analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity

In other news, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction dated 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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction dated 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 owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently 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.