Fortinet, Inc. (NASDAQ:FTNT) Position Cut by Newbridge Financial Services Group Inc.

Newbridge Financial Services Group Inc. decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 45.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,580 shares of the software maker’s stock after selling 2,165 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Fortinet were worth $155,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of FTNT. Winthrop Capital Management LLC bought a new position in Fortinet in the 1st quarter worth about $25,000. Rise Advisors LLC boosted its position in shares of Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after buying an additional 217 shares during the period. Vima LLC bought a new position in Fortinet in the 4th quarter worth approximately $25,000. Oakworth Capital Inc. acquired a new stake in Fortinet in the 2nd quarter valued at approximately $33,000. Finally, Creekmur Asset Management LLC acquired a new position in Fortinet during the 4th quarter worth $32,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on FTNT shares. Robert W. Baird raised their price target on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Barclays reduced their price target on shares of Fortinet from $75.00 to $70.00 and set an “equal weight” rating for the company in a research note on Thursday, July 11th. Scotiabank increased their price objective on shares of Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a report on Wednesday, August 7th. Cantor Fitzgerald increased their price target on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a report on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $71.57.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction on Monday, July 15th. The shares were 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 directly owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Michael Xie sold 24,712 shares of the business’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 completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of the transaction, the chief executive officer now owns 48,777,294 shares in the company, valued at $2,927,125,412.94. The disclosure for this sale can be found here. Insiders have sold a total of 96,210 shares of company stock worth $6,337,801 in the last 90 days. 18.00% of the stock is owned by insiders.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $77.59 on Thursday. The firm has a market cap of $59.27 billion, a price-to-earnings ratio of 50.71, a P/E/G ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $78.50. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The business has a fifty day simple moving average of $71.88 and a 200 day simple moving average of $65.60.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the previous year, the company earned $0.31 EPS. The firm’s revenue was up 10.9% on a year-over-year basis. As a group, sell-side analysts predict that Fortinet, Inc. will post 1.72 earnings per share 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.