Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 44.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 639 shares of the software maker’s stock after selling 514 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Fortinet were worth $37,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of FTNT. Vima LLC purchased a new position in shares of Fortinet in the fourth quarter worth $25,000. Winthrop Capital Management LLC purchased a new position in Fortinet in the 1st quarter worth $25,000. Rise Advisors LLC lifted its position in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares during the period. Creekmur Asset Management LLC purchased a new stake in Fortinet during the 4th quarter valued at about $32,000. Finally, Oakworth Capital Inc. acquired a new position in shares of Fortinet in the second quarter valued at about $33,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent research reports. Scotiabank upped their target price on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research report on Wednesday, August 7th. Piper Sandler upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. Finally, Barclays dropped their target price on Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 11th. Twenty-three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $71.57.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the stock in a transaction dated 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 owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Fortinet news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value 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. In the last ninety days, insiders sold 96,210 shares of company stock valued at $6,337,801. 18.00% of the stock is currently owned by insiders.

Fortinet Stock Performance

Fortinet stock opened at $77.45 on Friday. The firm has a 50 day simple moving average of $70.70 and a 200-day simple moving average of $65.41. The stock has a market cap of $59.17 billion, a price-to-earnings ratio of 50.62, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $78.18.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the business posted $0.31 earnings per share. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, analysts expect that Fortinet, Inc. will post 1.72 EPS 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.