Massachusetts Financial Services Co. MA Sells 171 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Massachusetts Financial Services Co. MA decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 4.3% during the second quarter, HoldingsChannel reports. The firm owned 3,827 shares of the software maker’s stock after selling 171 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Fortinet were worth $231,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Fortinet by 1.2% during the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after purchasing an additional 779,271 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. Swedbank AB raised its position in Fortinet by 1.7% during the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after purchasing an additional 134,366 shares in the last quarter. Van ECK Associates Corp raised its position in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its position in Fortinet by 7.6% during the first quarter. Jacobs Levy Equity Management Inc. now owns 3,996,822 shares of the software maker’s stock valued at $273,023,000 after purchasing an additional 283,339 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the sale, the chief executive officer now directly owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The disclosure for this sale can be found here. Insiders have sold a total of 96,210 shares of company stock valued at $6,337,801 in the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of several analyst reports. HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a report on Wednesday, August 7th. Wells Fargo & Company lifted their price objective on Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 7th. Rosenblatt Securities decreased their price objective on Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Barclays decreased their price objective on Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a report on Thursday, July 11th. Finally, Wedbush reiterated an “outperform” rating and issued a $78.00 price objective on shares of Fortinet in a report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $71.57.

Fortinet Stock Performance

Fortinet stock opened at $77.44 on Tuesday. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. The stock’s 50 day simple moving average is $69.23 and its two-hundred day simple moving average is $65.21. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.08. The stock has a market cap of $59.16 billion, a price-to-earnings ratio of 50.61, a PEG ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. During the same period in the previous year, the firm posted $0.31 EPS. The business’s revenue for the quarter was up 10.9% compared to the same quarter last year. As a group, analysts expect that Fortinet, Inc. will post 1.7 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.