Rhumbline Advisers Lowers Position in Fortinet, Inc. (NASDAQ:FTNT)

Rhumbline Advisers decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,210,180 shares of the software maker’s stock after selling 39,848 shares during the quarter. Rhumbline Advisers’ holdings in Fortinet were worth $72,937,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Vima LLC bought a new stake in Fortinet during the fourth quarter valued at approximately $25,000. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet during the 1st quarter valued at $25,000. Rise Advisors LLC lifted its holdings in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after acquiring an additional 217 shares during the last quarter. Creekmur Asset Management LLC purchased a new position in Fortinet in the fourth quarter worth $32,000. Finally, Oakworth Capital Inc. bought a new position in Fortinet in the second quarter valued at $33,000. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FTNT. Citigroup lifted their price target on Fortinet from $65.00 to $66.00 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. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a research note on Wednesday, August 7th. UBS Group increased their target price on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald boosted their price target on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Twenty-four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $71.31.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Michael Xie sold 24,712 shares of the 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 sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 96,907 shares of company stock worth $6,016,573. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Down 0.3 %

Shares of NASDAQ:FTNT opened at $76.87 on Thursday. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $78.08. The firm has a market capitalization of $58.80 billion, a P/E ratio of 50.24, a P/E/G ratio of 2.77 and a beta of 0.98. The stock has a 50 day moving average price of $65.18 and a 200-day moving average price of $64.64.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.31 earnings per share. As a group, equities research analysts anticipate that Fortinet, Inc. will post 1.7 EPS for the current fiscal 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.