Fortinet, Inc. $FTNT Shares Sold by Harel Insurance Investments & Financial Services Ltd.

Harel Insurance Investments & Financial Services Ltd. trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 45.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,328 shares of the software maker’s stock after selling 20,886 shares during the period. Harel Insurance Investments & Financial Services Ltd.’s holdings in Fortinet were worth $2,678,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Warther Private Wealth LLC raised its position in shares of Fortinet by 39.7% in the second quarter. Warther Private Wealth LLC now owns 182,160 shares of the software maker’s stock worth $19,258,000 after acquiring an additional 51,750 shares during the period. Cooper Financial Group purchased a new position in Fortinet during the second quarter valued at $2,653,000. Mainstay Capital Management LLC ADV boosted its holdings in Fortinet by 105.8% in the 2nd quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock worth $1,778,000 after buying an additional 8,643 shares during the last quarter. Motley Fool Asset Management LLC boosted its stake in shares of Fortinet by 15.0% in the second quarter. Motley Fool Asset Management LLC now owns 50,464 shares of the software maker’s stock worth $5,335,000 after acquiring an additional 6,566 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings in Fortinet by 40.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker’s stock valued at $7,045,000 after purchasing an additional 21,177 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 158,486 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 $15,607,701.28. Following 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael Xie sold 476,596 shares of the business’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 17.20% of the company’s stock.

Fortinet Price Performance

Shares of FTNT opened at $86.43 on Friday. The firm has a market capitalization of $66.23 billion, a price-to-earnings ratio of 34.43, a PEG ratio of 3.17 and a beta of 1.09. The firm’s fifty day simple moving average is $82.56 and its 200-day simple moving average is $93.48. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS 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 firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the company posted $0.57 earnings per share. Fortinet’s revenue for the quarter was up 13.6% compared to the same quarter last year. Equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have weighed in on FTNT. Scotiabank decreased their target price 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. Barclays cut their price target on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday, August 7th. Erste Group Bank lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. BMO Capital Markets reduced their price target on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research note on Thursday, August 7th. Finally, 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. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus price target of $97.03.

Fortinet 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.