Panagora Asset Management Inc. Reduces Position in Fortinet, Inc. (NASDAQ:FTNT)

Panagora Asset Management Inc. trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 17.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,742 shares of the software maker’s stock after selling 4,183 shares during the quarter. Panagora Asset Management Inc.’s holdings in Fortinet were worth $1,190,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FTNT. Vima LLC bought a new position in shares of Fortinet during the fourth quarter valued at approximately $25,000. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet in the 1st quarter worth about $25,000. Rise Advisors LLC boosted its stake in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after purchasing an additional 217 shares in the last quarter. Creekmur Asset Management LLC bought a new position in Fortinet in the fourth quarter worth about $32,000. Finally, Oakworth Capital Inc. purchased a new stake in Fortinet in the second quarter worth about $33,000. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Up 0.6 %

FTNT opened at $76.71 on Monday. The firm’s 50 day simple moving average is $64.06 and its two-hundred day simple moving average is $64.45. The company has a market capitalization of $58.68 billion, a PE ratio of 50.14, a PEG ratio of 2.77 and a beta of 0.98. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $77.18. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last announced its 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. The company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. Fortinet’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period last year, the firm earned $0.31 EPS. As a group, equities analysts forecast that Fortinet, Inc. will post 1.7 EPS for the current year.

Analyst Ratings Changes

FTNT has been the subject of several research reports. StockNews.com lowered Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Susquehanna upped their price objective on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Twenty-four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $71.31.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the completion of the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the transaction, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 115,608 shares of company stock valued at $7,132,649. 18.00% of the stock is owned by corporate insiders.

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.