Valeo Financial Advisors LLC Decreases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Valeo Financial Advisors LLC lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 38.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,402 shares of the software maker’s stock after selling 6,508 shares during the period. Valeo Financial Advisors LLC’s holdings in Fortinet were worth $807,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FTNT. Vima LLC purchased a new stake in shares of Fortinet during the fourth quarter valued at approximately $25,000. Winthrop Capital Management LLC acquired a new position in shares of Fortinet in the 1st quarter valued at approximately $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 buying an additional 217 shares during the last quarter. Creekmur Asset Management LLC acquired a new stake in shares of Fortinet during the fourth quarter worth approximately $32,000. Finally, Oakworth Capital Inc. bought a new stake in shares of Fortinet in the second quarter worth $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Susquehanna lifted their price target on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Piper Sandler upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. lifted their target price on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a research 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $72.64.

Fortinet Stock Performance

NASDAQ:FTNT opened at $82.87 on Monday. 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 company has a 50-day moving average of $74.98 and a 200-day moving average of $66.16. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $83.04. The firm has a market cap of $63.39 billion, a price-to-earnings ratio of 49.04, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 previous year, the business posted $0.31 earnings per share. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. Analysts forecast that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated 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 approximately $608,626,179.98. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related 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 sale, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. This represents a 0.00 % decrease in their position. The sale 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 Fortinet stock in a transaction that occurred on Friday, August 2nd. The stock was 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 approximately $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 71,943 shares of company stock valued at $4,881,539 over the last three months. Insiders own 18.00% of the company’s stock.

Fortinet Company 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.