Faithward Advisors LLC Sells 3,048 Shares of Fortinet, Inc. $FTNT

by · The Markets Daily

Faithward Advisors LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 5.1% during the first quarter, Holdings Channel reports. The institutional investor owned 57,121 shares of the software maker’s stock after selling 3,048 shares during the period. Fortinet comprises 1.0% of Faithward Advisors LLC’s holdings, making the stock its 22nd biggest position. Faithward Advisors LLC’s holdings in Fortinet were worth $5,498,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in FTNT. Ritholtz Wealth Management raised its stake in Fortinet by 38.4% during the 1st quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker’s stock valued at $654,000 after purchasing an additional 1,885 shares during the period. Gould Capital LLC bought a new stake in Fortinet during the 1st quarter valued at approximately $908,000. Dynamic Advisor Solutions LLC bought a new stake in Fortinet during the 1st quarter valued at approximately $216,000. Wealth Enhancement Advisory Services LLC grew its holdings in Fortinet by 40.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker’s stock valued at $12,650,000 after buying an additional 38,080 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Fortinet by 14.9% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker’s stock valued at $11,763,000 after buying an additional 16,139 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the sale, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction dated Monday, August 4th. The stock was 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 directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. BMO Capital Markets lowered their price objective on Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research note on Thursday, August 7th. Evercore ISI reduced their price target on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. Citigroup reiterated a “neutral” rating and set a $85.00 price objective (down previously from $110.00) on shares of Fortinet in a report on Monday, August 18th. Wedbush lowered their target price on Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a report on Thursday, August 7th. Finally, TD Cowen reaffirmed a “hold” rating and set a $105.00 price target on shares of Fortinet in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Fortinet has an average rating of “Hold” and an average price target of $97.03.

Get Our Latest Report on Fortinet

Fortinet Trading Up 3.1%

NASDAQ FTNT opened at $78.83 on Monday. The company has a market capitalization of $60.41 billion, a PE ratio of 31.41, a P/E/G ratio of 2.98 and a beta of 1.13. The company has a fifty day moving average of $92.07 and a 200 day moving average of $97.78. 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 – Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share 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 company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the company earned $0.57 earnings per share. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. Research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Fortinet Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT – Free Report).