My Legacy Advisors LLC Sells 531 Shares of Fortinet, Inc. (NASDAQ:FTNT)

My Legacy Advisors LLC trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 10.2% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 4,698 shares of the software maker’s stock after selling 531 shares during the quarter. My Legacy Advisors LLC’s holdings in Fortinet were worth $364,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FTNT. Ballentine Partners LLC increased its holdings in Fortinet by 17.5% in the 1st quarter. Ballentine Partners LLC now owns 6,882 shares of the software maker’s stock worth $470,000 after buying an additional 1,027 shares in the last quarter. Global Assets Advisory LLC bought a new stake in shares of Fortinet during the 1st quarter valued at about $4,864,000. Gateway Investment Advisers LLC grew its stake in shares of Fortinet by 38.5% during the 1st quarter. Gateway Investment Advisers LLC now owns 20,869 shares of the software maker’s stock valued at $1,426,000 after purchasing an additional 5,804 shares during the period. Wealthcare Advisory Partners LLC grew its stake in shares of Fortinet by 138.1% during the 1st quarter. Wealthcare Advisory Partners LLC now owns 10,033 shares of the software maker’s stock valued at $685,000 after purchasing an additional 5,820 shares during the period. Finally, Signet Financial Management LLC grew its stake in shares of Fortinet by 24.2% during the 1st quarter. Signet Financial Management LLC now owns 48,802 shares of the software maker’s stock valued at $3,334,000 after purchasing an additional 9,521 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the company’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 transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,250 shares of company stock valued at $6,790,149 in the last quarter. 18.00% of the stock is owned by insiders.

Fortinet Stock Performance

NASDAQ:FTNT opened at $82.44 on Wednesday. The stock’s fifty day moving average is $77.01 and its 200 day moving average is $66.70. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $83.77. The firm has a market capitalization of $62.98 billion, a PE ratio of 53.88, a PEG ratio of 2.84 and a beta of 1.00. 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 (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share 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 company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter in the prior year, the firm posted $0.31 EPS. Fortinet’s quarterly revenue was up 10.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FTNT. Wells Fargo & Company boosted their price target on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Citigroup boosted their price target on Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, September 13th. TD Cowen boosted their price objective on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Wedbush reiterated an “outperform” rating and set a $78.00 price objective on shares of Fortinet in a research note on Wednesday, August 7th. Finally, BMO Capital Markets boosted their price objective on Fortinet from $70.00 to $76.00 and gave the company a “market perform” rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, twenty-three have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $72.71.

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.