Birchbrook Inc. Sells 785 Shares of Fortinet, Inc. $FTNT

Birchbrook Inc. trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.2% in the first quarter, Holdings Channel reports. The fund owned 14,293 shares of the software maker’s stock after selling 785 shares during the quarter. Fortinet comprises approximately 0.8% of Birchbrook Inc.’s investment portfolio, making the stock its 28th biggest holding. Birchbrook Inc.’s holdings in Fortinet were worth $1,376,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Saudi Central Bank bought a new stake in Fortinet during the first quarter valued at about $25,000. SJS Investment Consulting Inc. boosted its holdings in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock valued at $25,000 after acquiring an additional 225 shares during the period. Clearstead Trust LLC bought a new stake in Fortinet during the first quarter valued at about $28,000. Caitong International Asset Management Co. Ltd boosted its holdings 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 valued at $29,000 after acquiring an additional 284 shares during the period. Finally, ORG Partners LLC boosted its holdings in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after acquiring an additional 112 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FTNT shares. BMO Capital Markets decreased their price target 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. Wells Fargo & Company reduced their target price on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a research note on Thursday, August 7th. Morgan Stanley reiterated an “underweight” rating and issued a $67.00 target price (down previously from $78.00) on shares of Fortinet in a research note on Tuesday, September 2nd. KeyCorp cut shares of Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Finally, Mizuho reduced their target price on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating for the company in a research note on Thursday, August 7th. Two 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $97.03.

Fortinet Stock Up 1.8%

Shares of FTNT opened at $80.89 on Friday. The stock has a market cap of $61.98 billion, a price-to-earnings ratio of 32.23, a P/E/G ratio of 3.01 and a beta of 1.12. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $114.82. The company has a 50-day moving average price of $90.17 and a two-hundred day moving average price of $97.13.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.57 earnings per share. Equities analysts predict that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by company insiders.

About Fortinet

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.