Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Front Row Advisors LLC

Front Row Advisors LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 73,493 shares of the software maker’s stock after selling 3,967 shares during the period. Fortinet makes up approximately 1.5% of Front Row Advisors LLC’s investment portfolio, making the stock its 12th biggest holding. Front Row Advisors LLC’s holdings in Fortinet were worth $4,429,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in FTNT. Focus Financial Network Inc. ADV acquired a new position in shares of Fortinet in the 4th quarter valued at about $260,000. California State Teachers Retirement System boosted its stake in shares of Fortinet by 1.2% in the fourth quarter. California State Teachers Retirement System now owns 1,058,235 shares of the software maker’s stock worth $61,938,000 after acquiring an additional 12,944 shares during the last quarter. APG Asset Management US Inc. purchased a new stake in shares of Fortinet during the fourth quarter worth $7,804,000. KBC Group NV grew its stake in Fortinet by 4.7% during the 4th quarter. KBC Group NV now owns 853,570 shares of the software maker’s stock valued at $49,959,000 after acquiring an additional 38,211 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its position in shares of Fortinet by 18.6% in the fourth quarter. Jones Financial Companies Lllp now owns 72,310 shares of the software maker’s stock valued at $4,232,000 after purchasing an additional 11,342 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research report on Wednesday, August 7th. Wedbush restated an “outperform” rating and issued a $78.00 price objective on shares of Fortinet in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lifted their price objective on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Wells Fargo & Company lifted their price objective on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Finally, Scotiabank boosted their target price on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, August 7th. Twenty-three equities research 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 data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $71.57.

Insider Buying and Selling at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,712 shares of the 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 approximately $608,626,179.98. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 96,210 shares of company stock valued at $6,337,801. Insiders own 18.00% of the company’s stock.

Fortinet Stock Up 0.3 %

Shares of NASDAQ FTNT opened at $77.45 on Friday. The stock has a market capitalization of $59.17 billion, a price-to-earnings ratio of 50.62, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $78.18. The firm has a 50-day moving average price of $70.70 and a 200 day moving average price of $65.41. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45.

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

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.