Fortinet, Inc. (NASDAQ:FTNT) Position Trimmed by Aldebaran Financial Inc.

Aldebaran Financial Inc. trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.9% in the second quarter, Holdings Channel.com reports. The firm owned 78,478 shares of the software maker’s stock after selling 2,305 shares during the quarter. Fortinet comprises 6.6% of Aldebaran Financial Inc.’s portfolio, making the stock its 3rd largest holding. Aldebaran Financial Inc.’s holdings in Fortinet were worth $4,730,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Winthrop Capital Management LLC purchased a new position in Fortinet in the first quarter valued at about $25,000. Rise Advisors LLC increased its holdings in Fortinet by 135.6% in the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after buying an additional 217 shares during the last quarter. Vima LLC acquired a new position in Fortinet in the fourth quarter worth approximately $25,000. Oakworth Capital Inc. bought a new position in Fortinet during the second quarter valued at approximately $33,000. Finally, Creekmur Asset Management LLC bought a new stake in Fortinet in the fourth quarter worth approximately $32,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Ken Xie sold 24,267 shares of Fortinet stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The sale 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 dated 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 in the company, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders sold a total of 96,210 shares of company stock valued at $6,337,801 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FTNT. DZ Bank upgraded shares of Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a report on Thursday, August 8th. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. Cantor Fitzgerald upped their price target on Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, Royal Bank of Canada upped their target price on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research 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’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $71.57.

Fortinet Price Performance

Shares of FTNT stock opened at $77.55 on Tuesday. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $78.18. The stock has a market capitalization of $59.24 billion, a PE ratio of 50.69, a PEG ratio of 2.77 and a beta of 1.00. 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 fifty day moving average is $71.09 and its 200-day moving average is $65.45.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data 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 net margin of 23.71% and a negative return on equity of 2,160.10%. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the firm earned $0.31 EPS. The company’s revenue was up 10.9% on a year-over-year basis. Equities research analysts expect that Fortinet, Inc. will post 1.72 EPS 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.