Liontrust Investment Partners LLP Lowers Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Liontrust Investment Partners LLP cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 88.5% during the second quarter, HoldingsChannel.com reports. The firm owned 32,674 shares of the software maker’s stock after selling 250,690 shares during the period. Liontrust Investment Partners LLP’s holdings in Fortinet were worth $1,969,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Winthrop Capital Management LLC purchased a new position in Fortinet during the 1st quarter valued at about $25,000. Rise Advisors LLC boosted its stake in Fortinet by 135.6% in the first 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 period. Vima LLC acquired a new position in shares of Fortinet during the fourth quarter valued at $25,000. Oakworth Capital Inc. acquired a new stake in shares of Fortinet in the second quarter valued at approximately $33,000. Finally, Creekmur Asset Management LLC bought a new stake in Fortinet during the 4th quarter valued at $32,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Morgan Stanley decreased their price objective on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, July 17th. Rosenblatt Securities dropped 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. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a research note on Thursday, August 8th. Finally, Royal Bank of Canada boosted their price objective on Fortinet from $68.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $71.31.

Fortinet Trading Up 0.6 %

Shares of NASDAQ FTNT opened at $75.18 on Tuesday. The firm has a market capitalization of $57.43 billion, a PE ratio of 49.14, a PEG ratio of 2.79 and a beta of 0.98. Fortinet, Inc. has a one year low of $44.12 and a one year high of $76.31. The business has a 50-day moving average price of $62.67 and a two-hundred day moving average price of $64.28.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period last year, the company posted $0.31 earnings per share. Research analysts anticipate that Fortinet, Inc. will post 1.47 EPS for the current year.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction 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 of the company’s stock, valued at approximately $3,568,434,657.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 115,608 shares of company stock valued at $7,132,649. 18.00% of the stock is owned by insiders.

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.