Hartford Investment Management Co. Sells 651 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Hartford Investment Management Co. reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.6% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 39,977 shares of the software maker’s stock after selling 651 shares during the quarter. Hartford Investment Management Co.’s holdings in Fortinet were worth $3,100,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Eagle Capital Management LLC increased its holdings in shares of Fortinet by 0.6% during the 3rd quarter. Eagle Capital Management LLC now owns 25,772 shares of the software maker’s stock valued at $1,999,000 after acquiring an additional 141 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after purchasing an additional 148 shares during the period. Simplicity Wealth LLC lifted its stake in shares of Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock worth $498,000 after buying an additional 174 shares during the last quarter. Werlinich Asset Management LLC lifted its stake in shares of Fortinet by 1.7% in the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock worth $639,000 after buying an additional 180 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC boosted its holdings in shares of Fortinet by 0.9% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock worth $1,456,000 after buying an additional 185 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of research analyst reports. Susquehanna boosted their target price on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Rosenblatt Securities lowered their target price on Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Wedbush reiterated an “outperform” rating and set a $78.00 price target on shares of Fortinet in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, twenty-three have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $73.25.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,693 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $3,568,434,657.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the company’s 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 $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. In the last quarter, insiders sold 95,250 shares of company stock worth $6,790,149. 18.00% of the stock is currently owned by insiders.

Fortinet Trading Down 2.5 %

Shares of Fortinet stock opened at $80.37 on Thursday. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $83.77. The stock has a market capitalization of $61.40 billion, a P/E ratio of 52.53, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00. The company has a 50-day simple moving average of $77.23 and a 200 day simple moving average of $66.78. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last posted 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. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the business posted $0.31 earnings per share. Research analysts expect that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

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.