IFP Advisors Inc Sells 11,518 Shares of Fortinet, Inc. $FTNT

IFP Advisors Inc reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 15.1% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 64,807 shares of the software maker’s stock after selling 11,518 shares during the period. IFP Advisors Inc’s holdings in Fortinet were worth $6,852,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Callan Family Office LLC acquired a new stake in shares of Fortinet during the 2nd quarter worth approximately $1,297,000. Blair William & Co. IL grew its holdings in shares of Fortinet by 0.4% during the 2nd quarter. Blair William & Co. IL now owns 202,463 shares of the software maker’s stock worth $21,404,000 after purchasing an additional 876 shares in the last quarter. Mainstay Capital Management LLC ADV grew its holdings in shares of Fortinet by 105.8% during the 2nd quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock worth $1,778,000 after purchasing an additional 8,643 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. grew its holdings in shares of Fortinet by 41.4% during the 2nd quarter. E Fund Management Hong Kong Co. Ltd. now owns 355 shares of the software maker’s stock worth $38,000 after purchasing an additional 104 shares in the last quarter. Finally, Cornerstone Enterprises LLC grew its holdings in shares of Fortinet by 25.2% during the 2nd quarter. Cornerstone Enterprises LLC now owns 6,283 shares of the software maker’s stock worth $664,000 after purchasing an additional 1,265 shares in the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on FTNT shares. Cantor Fitzgerald lifted their price objective on Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, July 16th. Wedbush decreased their price objective on Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a report on Thursday, August 7th. Barclays decreased their price target on Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 7th. Erste Group Bank lowered Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Finally, UBS Group decreased their price target on Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $97.03.

Insiders Place Their Bets

In other news, VP Michael Xie sold 476,596 shares of the business’s stock in a transaction 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 completion of the sale, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by insiders.

Fortinet Price Performance

Fortinet stock opened at $86.19 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The firm has a market cap of $66.04 billion, a P/E ratio of 34.34, a P/E/G ratio of 3.26 and a beta of 1.09. The business’s fifty day moving average is $82.01 and its two-hundred day moving average is $94.73. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data 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 company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business’s revenue was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.57 earnings per share. Equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.