Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Congress Asset Management Co. MA

Congress Asset Management Co. MA decreased its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 253,353 shares of the software maker’s stock after selling 4,817 shares during the quarter. Congress Asset Management Co. MA’s holdings in Fortinet were worth $17,307,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of FTNT. Rise Advisors LLC lifted its holdings in Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after acquiring an additional 217 shares during the last quarter. Vima LLC bought a new stake in Fortinet during the fourth quarter worth approximately $25,000. Atwood & Palmer Inc. acquired a new position in Fortinet in the fourth quarter worth approximately $29,000. Headinvest LLC bought a new position in shares of Fortinet in the third quarter valued at $29,000. Finally, Creekmur Asset Management LLC acquired a new stake in shares of Fortinet during the 4th quarter valued at $32,000. Institutional investors own 83.71% of the company’s stock.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,992 shares of Fortinet stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares of the company’s stock, valued at approximately $3,150,776,958. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CFO Keith Jensen sold 18,701 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the sale, the chief financial officer now owns 4,663 shares in the company, valued at $278,287.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total value of $1,553,482.00. Following the transaction, the chief executive officer now owns 48,660,648 shares in the company, valued at $3,150,776,958. The disclosure for this sale can be found here. Insiders sold a total of 91,638 shares of company stock worth $5,705,568 in the last 90 days. 18.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FTNT shares. Barclays cut their target price on Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. Piper Sandler reduced their price objective on shares of Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a research note on Friday, May 3rd. Royal Bank of Canada dropped their target price on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating on the stock in a research report on Friday, May 3rd. Mizuho reduced their price target on shares of Fortinet from $70.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research note on Tuesday, June 11th. Two research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average price target of $69.66.

Fortinet Stock Up 1.1 %

Shares of Fortinet stock opened at $58.56 on Friday. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $81.24. The company has a quick ratio of 1.08, a current ratio of 1.20 and a debt-to-equity ratio of 13.38. The stock has a 50 day moving average price of $61.10 and a two-hundred day moving average price of $63.50. The stock has a market capitalization of $44.74 billion, a P/E ratio of 38.27, a PEG ratio of 2.84 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. Fortinet’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.29 EPS. Equities analysts expect that Fortinet, Inc. will post 1.46 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.