Coldstream Capital Management Inc. Decreases Stake in Fortinet, Inc. (NASDAQ:FTNT)

Coldstream Capital Management Inc. lessened its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 9.7% during the 2nd quarter, Holdings Channel reports. The firm owned 10,518 shares of the software maker’s stock after selling 1,129 shares during the quarter. Coldstream Capital Management Inc.’s holdings in Fortinet were worth $634,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Fortinet by 1.2% during the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after buying an additional 779,271 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Fortinet by 664.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB increased its holdings in shares of Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock valued at $491,610,000 after purchasing an additional 134,366 shares during the period. Van ECK Associates Corp raised its stake in shares of Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of Fortinet by 7.6% during the first quarter. Jacobs Levy Equity Management Inc. now owns 3,996,822 shares of the software maker’s stock worth $273,023,000 after purchasing an additional 283,339 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling

In other news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred 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 completion of the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Fortinet news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $60.01, for a total value of $1,456,262.67. Following the sale, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on 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 $608,626,179.98. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,672 shares of company stock worth $4,573,864. Insiders own 18.00% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Piper Sandler upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. Citigroup boosted their price objective on Fortinet from $65.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Susquehanna raised their target price on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, August 8th. Twenty-three investment 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 company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $71.31.

Fortinet Trading Down 2.8 %

FTNT opened at $74.49 on Friday. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The company’s 50 day simple moving average is $66.99 and its two-hundred day simple moving average is $65.00. The firm has a market capitalization of $56.91 billion, a price-to-earnings ratio of 48.69, a price-to-earnings-growth ratio of 2.71 and a beta of 0.99. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $78.08.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The company 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 company posted $0.31 earnings per share. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. Analysts expect that Fortinet, Inc. will post 1.7 EPS for the current fiscal year.

Fortinet 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.