Fortinet, Inc. $FTNT Shares Sold by Freedom Day Solutions LLC

Freedom Day Solutions LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 26,875 shares of the software maker’s stock after selling 785 shares during the period. Freedom Day Solutions LLC’s holdings in Fortinet were worth $2,841,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Saudi Central Bank acquired a new position in shares of Fortinet during the first quarter valued at $25,000. Clearstead Trust LLC acquired a new position in Fortinet during the first quarter worth about $28,000. Caitong International Asset Management Co. Ltd grew 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 worth $29,000 after acquiring an additional 284 shares during the period. ORG Partners LLC grew its holdings in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after acquiring an additional 112 shares during the period. Finally, EQ Wealth Advisors LLC acquired a new position in Fortinet during the first quarter worth about $35,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Trading Down 0.3%

NASDAQ:FTNT opened at $86.19 on Friday. 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 1-year low of $70.12 and a 1-year high of $114.82. The firm has a market capitalization of $66.04 billion, a price-to-earnings ratio of 34.34, a price-to-earnings-growth ratio of 3.26 and a beta of 1.09. The stock has a fifty day simple moving average of $82.01 and a 200 day simple moving average of $94.73.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results 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 return on equity of 111.46% and a net margin of 30.60%.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 company posted $0.57 EPS. Fortinet’s revenue for the quarter was up 13.6% on a year-over-year basis. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other Fortinet news, 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 sale, the chief executive officer directly 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 476,596 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 value of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FTNT. Truist Financial lowered their target price on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. TD Cowen reaffirmed a “hold” rating and set a $105.00 target price on shares of Fortinet in a report on Thursday, August 7th. Scotiabank lowered their target price on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 7th. Evercore ISI lowered their target price on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. Finally, JPMorgan Chase & Co. lowered their target price on Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $97.03.

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.