Hantz Financial Services Inc. Sells 1,333 Shares of Fortinet, Inc. $FTNT

Hantz Financial Services Inc. lowered its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 39.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,074 shares of the software maker’s stock after selling 1,333 shares during the period. Hantz Financial Services Inc.’s holdings in Fortinet were worth $219,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Saudi Central Bank bought a new position in shares of Fortinet in the first quarter worth approximately $25,000. Clearstead Trust LLC bought a new position in shares of Fortinet in the first quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after buying an additional 284 shares in the last quarter. Wayfinding Financial LLC bought a new position in shares of Fortinet in the first quarter worth approximately $36,000. Finally, Mechanics Financial Corp bought a new position in shares of Fortinet in the first quarter worth approximately $36,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several analyst reports. Mizuho dropped their target price on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a research note on Thursday, August 7th. BMO Capital Markets decreased their price objective 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. Barclays decreased their price objective 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. Stifel Nicolaus decreased their price objective on shares of Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a report on Thursday, August 7th. Finally, Morgan Stanley reissued an “underweight” rating and set a $67.00 price objective (down from $78.00) on shares of Fortinet in a report on Tuesday, September 2nd. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Fortinet currently has a consensus rating of “Hold” and an average price target of $97.03.

Fortinet Stock Up 2.6%

Shares of FTNT stock opened at $86.43 on Monday. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The stock has a market cap of $66.23 billion, a P/E ratio of 34.43, a P/E/G ratio of 3.17 and a beta of 1.09. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company has a 50 day simple moving average of $82.56 and a two-hundred day simple moving average of $93.47.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the company earned $0.57 earnings per share. The firm’s revenue was up 13.6% on a year-over-year basis. On average, 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.