Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Ieq Capital LLC

Ieq Capital LLC lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 0.8% in the second quarter, HoldingsChannel reports. The fund owned 62,468 shares of the software maker’s stock after selling 497 shares during the period. Ieq Capital LLC’s holdings in Fortinet were worth $3,765,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in FTNT. Price T Rowe Associates Inc. MD lifted its holdings in shares of Fortinet by 664.8% in 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 buying an additional 30,542,551 shares during the period. Swedbank AB acquired a new stake in shares of Fortinet in the first quarter valued at $548,013,000. Van ECK Associates Corp lifted its holdings in shares of Fortinet by 94.9% in 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 buying an additional 2,802,446 shares during the period. Sarasin & Partners LLP acquired a new stake in shares of Fortinet in the first quarter valued at $120,746,000. Finally, Bessemer Group Inc. lifted its holdings in shares of Fortinet by 102.5% in the first quarter. Bessemer Group Inc. now owns 3,284,203 shares of the software maker’s stock valued at $224,344,000 after buying an additional 1,662,156 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the subject of several research analyst reports. Wedbush restated an “outperform” rating and issued a $78.00 price objective on shares of Fortinet in a report on Wednesday, August 7th. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Robert W. Baird upped their target price on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price for the company in a report on Thursday, August 8th. Finally, Wells Fargo & Company upped their target price on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus price target of $71.57.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold 96,210 shares of company stock valued at $6,337,801 in the last 90 days. 18.00% of the stock is currently owned by insiders.

Fortinet Price Performance

Shares of Fortinet stock opened at $76.78 on Friday. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $78.08. The firm has a fifty day simple moving average of $68.54 and a 200-day simple moving average of $65.21. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The stock has a market capitalization of $58.66 billion, a price-to-earnings ratio of 50.18, a PEG ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.31 earnings per share. On average, sell-side analysts expect that Fortinet, Inc. will post 1.7 earnings per share for the current year.

About Fortinet

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.