Kingfisher Capital LLC Decreases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Kingfisher Capital LLC trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 1.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,550 shares of the software maker’s stock after selling 592 shares during the quarter. Kingfisher Capital LLC’s holdings in Fortinet were worth $2,444,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after buying an additional 779,271 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after buying an additional 30,542,551 shares during the period. Swedbank AB increased its stake 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 worth $491,610,000 after buying an additional 134,366 shares during the period. Marshall Wace LLP increased its stake in shares of Fortinet by 198.5% in the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after buying an additional 4,148,520 shares during the period. Finally, Van ECK Associates Corp increased its position in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after purchasing an additional 2,802,446 shares during the period. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Fortinet news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on 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 owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of the 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 completion of the sale, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Ken Xie sold 24,267 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at approximately $2,927,125,412.94. The disclosure for this sale can be found here. Insiders sold 96,210 shares of company stock valued at $6,337,801 in the last quarter. 18.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Piper Sandler raised shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Hsbc Global Res raised shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. StockNews.com raised shares of Fortinet from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. Finally, BMO Capital Markets upped their target price on shares of Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 7th. Twenty-three investment 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. According to data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus price target of $71.57.

Fortinet Price Performance

NASDAQ FTNT opened at $77.46 on Wednesday. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $78.18. The firm has a market capitalization of $59.25 billion, a P/E ratio of 50.63, a PEG ratio of 2.77 and a beta of 1.00. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The company has a 50-day moving average price of $69.59 and a 200-day moving average price of $65.25.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the firm earned $0.31 EPS. The business’s revenue for the quarter was up 10.9% compared to the same quarter last year. Equities research analysts anticipate that Fortinet, Inc. will post 1.72 earnings per share for the current 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.