Slow Capital Inc. decreased its stake in shares of Fortinet Inc (NASDAQ:FTNT) by 1.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,350 shares of the software maker’s stock after selling 629 shares during the quarter. Fortinet comprises about 1.1% of Slow Capital Inc.’s portfolio, making the stock its 22nd biggest holding. Slow Capital Inc.’s holdings in Fortinet were worth $2,716,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of FTNT. Wedbush Securities Inc. increased its holdings in shares of Fortinet by 29.9% during the 2nd quarter. Wedbush Securities Inc. now owns 3,550 shares of the software maker’s stock worth $273,000 after acquiring an additional 817 shares during the last quarter. Stevens Capital Management LP boosted its stake in Fortinet by 112.1% in the 2nd quarter. Stevens Capital Management LP now owns 89,432 shares of the software maker’s stock valued at $6,871,000 after purchasing an additional 47,274 shares during the period. CWM LLC boosted its stake in Fortinet by 299.6% in the 2nd quarter. CWM LLC now owns 991 shares of the software maker’s stock valued at $76,000 after purchasing an additional 743 shares during the period. Cavalier Investments LLC boosted its stake in Fortinet by 12.5% in the 2nd quarter. Cavalier Investments LLC now owns 32,450 shares of the software maker’s stock valued at $2,493,000 after purchasing an additional 3,600 shares during the period. Finally, Pegasus Partners Ltd. bought a new stake in Fortinet in the 2nd quarter valued at $1,329,000. 72.38% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:FTNT traded up $1.90 during trading on Tuesday, reaching $84.09. 74,285 shares of the company traded hands, compared to its average volume of 1,770,025. The business’s 50 day moving average price is $82.28. The company has a market capitalization of $13.98 billion, a price-to-earnings ratio of 74.42, a PEG ratio of 3.81 and a beta of 1.08. Fortinet Inc has a 52 week low of $64.41 and a 52 week high of $96.96.

Fortinet (NASDAQ:FTNT) last released its earnings results on Thursday, August 1st. The software maker reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.28. Fortinet had a return on equity of 23.96% and a net margin of 19.07%. The firm had revenue of $521.70 million during the quarter, compared to the consensus estimate of $511.38 million. During the same period in the prior year, the company posted $0.41 EPS. The company’s revenue was up 18.2% compared to the same quarter last year. As a group, equities analysts anticipate that Fortinet Inc will post 1.42 earnings per share for the current fiscal year.

In related news, VP John Whittle sold 1,250 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $82.88, for a total transaction of $103,600.00. Following the completion of the sale, the vice president now directly owns 9,309 shares in the company, valued at approximately $771,529.92. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Christopher B. Paisley sold 1,000 shares of the company’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $81.62, for a total value of $81,620.00. Following the sale, the director now owns 72,621 shares of the company’s stock, valued at $5,927,326.02. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 57,722 shares of company stock valued at $4,266,421. 17.20% of the stock is owned by corporate insiders.

FTNT has been the subject of several recent research reports. Northland Securities restated a “buy” rating and issued a $100.00 price target on shares of Fortinet in a research note on Friday, May 3rd. Cowen initiated coverage on Fortinet in a research note on Thursday, May 23rd. They issued a “market perform” rating and a $85.00 price target for the company. Robert W. Baird restated a “hold” rating and issued a $100.00 price target on shares of Fortinet in a research note on Friday, August 2nd. Barclays restated a “hold” rating and issued a $99.00 price target on shares of Fortinet in a research note on Sunday, August 4th. Finally, ValuEngine downgraded Fortinet from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have issued a buy rating to the stock. Fortinet has an average rating of “Hold” and a consensus price target of $87.96.

Fortinet Profile

Fortinet, Inc provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network acceleration; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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