Earned Wealth Advisors LLC Sells 284 Shares of Fortinet, Inc. $FTNT

Earned Wealth Advisors LLC lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 4.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,634 shares of the software maker’s stock after selling 284 shares during the quarter. Earned Wealth Advisors LLC’s holdings in Fortinet were worth $596,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTNT. Dover Advisors LLC increased its holdings in Fortinet by 1.0% during the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after buying an additional 94 shares during the period. Balboa Wealth Partners boosted its position in Fortinet by 4.3% during the 2nd quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after acquiring an additional 96 shares in the last quarter. Hemington Wealth Management increased its holdings in shares of Fortinet by 13.2% in the 2nd quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock valued at $89,000 after acquiring an additional 99 shares during the period. Peloton Wealth Strategists raised its position in shares of Fortinet by 2.4% in the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after acquiring an additional 100 shares in the last quarter. Finally, Trust Co. of Vermont raised its position in shares of Fortinet by 3.6% in the 2nd quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after acquiring an additional 100 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. BMO Capital Markets reduced their target price on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a report on Thursday, August 7th. TD Cowen reiterated a “hold” rating and set a $105.00 price objective on shares of Fortinet in a research note on Thursday, August 7th. Barclays decreased their target price on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, August 7th. DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a report on Friday, August 8th. Finally, Truist Financial decreased their price objective on Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $97.03.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction that occurred 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 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 trade represents a 4.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 158,486 shares of the company’s stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 17.20% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $84.20 on Friday. The business has a fifty day moving average of $82.44 and a 200 day moving average of $93.60. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. 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 firm has a market capitalization of $64.52 billion, a price-to-earnings ratio of 33.55, a price-to-earnings-growth ratio of 3.17 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating 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 business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the business earned $0.57 EPS. The company’s quarterly revenue was up 13.6% compared to the same quarter last year. As a group, research analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current 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.