Raymond James & Associates Sells 7,544 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Raymond James & Associates trimmed its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 510,355 shares of the software maker’s stock after selling 7,544 shares during the quarter. Raymond James & Associates owned 0.07% of Fortinet worth $39,578,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Winthrop Capital Management LLC bought a new stake in Fortinet in the first quarter valued at $25,000. Oakworth Capital Inc. acquired a new stake in shares of Fortinet during the 2nd quarter worth about $33,000. Versant Capital Management Inc lifted its holdings in Fortinet by 61.2% during the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after purchasing an additional 238 shares during the last quarter. City State Bank boosted its position in Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after buying an additional 450 shares in the last quarter. Finally, DT Investment Partners LLC grew its stake in Fortinet by 539.0% during the second quarter. DT Investment Partners LLC now owns 671 shares of the software maker’s stock worth $40,000 after buying an additional 566 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

Shares of Fortinet stock opened at $82.44 on Wednesday. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $83.77. 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 company 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 stock’s fifty day simple moving average is $77.01 and its 200 day simple moving average is $66.70.

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, 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 for the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the business posted $0.31 EPS. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, research analysts predict that Fortinet, Inc. will post 1.74 EPS for the current year.

Insider Activity

In related news, CEO Ken Xie sold 23,307 shares of the business’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the sale, the chief executive officer now directly owns 48,915,530 shares of the company’s stock, valued at approximately $4,005,692,751.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Ken Xie sold 23,307 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $81.89, for a total transaction of $1,908,610.23. Following the completion of the transaction, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 24,712 shares of the business’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 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 $608,626,179.98. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 95,250 shares of company stock worth $6,790,149 over the last quarter. 18.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Mizuho lowered Fortinet from a “neutral” rating to an “underperform” rating and set a $68.00 price objective on the stock. in a research note on Thursday, October 17th. Hsbc Global Res upgraded Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. BMO Capital Markets upped their price target 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. Finally, UBS Group raised their price objective on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. One 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average 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.