Fortinet, Inc. $FTNT Shares Sold by Apollon Wealth Management LLC

Apollon Wealth Management LLC lowered its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 28.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,069 shares of the software maker’s stock after selling 8,699 shares during the period. Apollon Wealth Management LLC’s holdings in Fortinet were worth $2,333,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in shares of Fortinet by 2.2% during the fourth quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after buying an additional 221 shares in the last quarter. Bison Wealth LLC purchased a new stake in shares of Fortinet during the fourth quarter worth about $585,000. GAMMA Investing LLC grew its holdings in shares of Fortinet by 18.9% during the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker’s stock worth $1,928,000 after buying an additional 3,189 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Fortinet by 4.0% during the first quarter. Assenagon Asset Management S.A. now owns 17,739 shares of the software maker’s stock worth $1,708,000 after buying an additional 677 shares in the last quarter. Finally, Simon Quick Advisors LLC grew its holdings in shares of Fortinet by 70.7% during the first quarter. Simon Quick Advisors LLC now owns 4,001 shares of the software maker’s stock worth $385,000 after buying an additional 1,657 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. lowered their price target on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. Barclays lowered their price target 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. UBS Group lowered their price target on shares of Fortinet from $105.00 to $90.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. Cowen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 7th. Finally, Evercore ISI lowered their target price on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a report on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $97.03.

Fortinet Price Performance

Fortinet stock opened at $83.06 on Monday. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The firm has a 50 day moving average price of $81.72 and a 200 day moving average price of $94.52. The company has a market cap of $63.64 billion, a price-to-earnings ratio of 33.09, a PEG ratio of 3.13 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 (NASDAQ:FTNT) last released its earnings results 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. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. Fortinet’s revenue was up 13.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 158,486 shares of Fortinet 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 transaction, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 476,596 shares of Fortinet 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 $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 18.00% of the company’s stock.

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.