Freedom Investment Management Inc. Has $428,000 Stake in Fortinet, Inc. $FTNT

Freedom Investment Management Inc. trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,047 shares of the software maker’s stock after selling 439 shares during the period. Freedom Investment Management Inc.’s holdings in Fortinet were worth $428,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Saudi Central Bank acquired a new stake in Fortinet during the first quarter worth about $25,000. Clearstead Trust LLC acquired a new stake in Fortinet during the first quarter worth about $28,000. Caitong International Asset Management Co. Ltd grew its stake in Fortinet by 2,184.6% during 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. E Fund Management Hong Kong Co. Ltd. grew its stake in Fortinet by 41.4% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after buying an additional 104 shares in the last quarter. Finally, Mechanics Financial Corp acquired a new stake in shares of Fortinet in the 1st quarter valued at approximately $36,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Fortinet Stock Up 0.7%

Shares of NASDAQ FTNT opened at $85.56 on Monday. The company has a 50 day simple moving average of $81.97 and a 200 day simple moving average of $93.93. The firm has a market cap of $65.56 billion, a PE ratio of 34.09, a price-to-earnings-growth ratio of 3.22 and a beta of 1.09. 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.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (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 analyst estimates of $1.63 billion. During the same quarter last year, the business earned $0.57 EPS. The firm’s quarterly revenue was up 13.6% on a year-over-year basis. On average, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 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 $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of research analyst reports. Truist Financial reduced their price target on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. UBS Group reduced their price target on shares of Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Wall Street Zen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Citigroup downgraded shares of Fortinet from a “neutral” rating to a “mixed” rating in a research note on Monday, October 20th. Finally, Wells Fargo & Company reduced their price target on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock 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.