Fortinet, Inc. $FTNT Shares Sold by Freestone Capital Holdings LLC

Freestone Capital Holdings LLC reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 25.2% during the 2nd quarter, Holdings Channel reports. The fund owned 7,640 shares of the software maker’s stock after selling 2,572 shares during the period. Freestone Capital Holdings LLC’s holdings in Fortinet were worth $808,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Dover Advisors LLC lifted its holdings in Fortinet by 1.0% in the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after purchasing an additional 94 shares in the last quarter. Balboa Wealth Partners raised its position in shares of Fortinet by 4.3% in the second quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock valued at $246,000 after buying an additional 96 shares during the last quarter. Hemington Wealth Management raised its position in shares of Fortinet by 13.2% in the second quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock valued at $89,000 after buying an additional 99 shares during the last quarter. Peloton Wealth Strategists lifted its stake in shares of Fortinet by 2.4% during the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock valued at $417,000 after buying an additional 100 shares during the period. Finally, Trust Co. of Vermont boosted its position in Fortinet by 3.6% during the second 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 during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent analyst reports. BMO Capital Markets reduced their price target on Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research note on Thursday, August 7th. Barclays reduced their target price on Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. Cowen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 7th. Truist Financial cut their price objective on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Finally, KeyCorp lowered shares of Fortinet from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 7th. Two 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $97.03.

Fortinet Trading Up 1.3%

NASDAQ FTNT opened at $87.52 on Tuesday. The firm has a market capitalization of $67.06 billion, a price-to-earnings ratio of 34.87, a PEG ratio of 3.17 and a beta of 1.09. 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 moving average price is $82.76 and its 200 day moving average price is $93.41.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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 net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the business earned $0.57 earnings per share. The business’s quarterly revenue was up 13.6% compared to the same quarter last year. On average, sell-side analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

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.