Creative Planning Sells 59,089 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Creative Planning trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 36.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 104,278 shares of the software maker’s stock after selling 59,089 shares during the period. Creative Planning’s holdings in Fortinet were worth $8,087,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Gateway Investment Advisers LLC increased its stake in shares of Fortinet by 38.5% in the 1st quarter. Gateway Investment Advisers LLC now owns 20,869 shares of the software maker’s stock worth $1,426,000 after acquiring an additional 5,804 shares in the last quarter. Wealthcare Advisory Partners LLC lifted its holdings in shares of Fortinet by 138.1% during the first 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 last quarter. Transform Wealth LLC boosted its position in shares of Fortinet by 3.3% in the 1st quarter. Transform Wealth LLC now owns 133,887 shares of the software maker’s stock worth $9,146,000 after purchasing an additional 4,291 shares in the last quarter. Atlantic Union Bankshares Corp grew its stake in shares of Fortinet by 7.9% in the 1st quarter. Atlantic Union Bankshares Corp now owns 41,139 shares of the software maker’s stock worth $2,810,000 after buying an additional 2,997 shares during the last quarter. Finally, New England Research & Management Inc. increased its position in Fortinet by 8.7% during the 1st quarter. New England Research & Management Inc. now owns 12,475 shares of the software maker’s stock valued at $852,000 after buying an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the topic of several analyst reports. Wedbush reissued an “outperform” rating and issued a $78.00 target price on shares of Fortinet in a report on Wednesday, August 7th. Robert W. Baird increased their price objective on shares of Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a research note on Wednesday, August 7th. StockNews.com downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, October 17th. Finally, Truist Financial raised their price target on shares of Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, twenty-three have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Fortinet presently has an average rating of “Hold” and a consensus price target of $73.25.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,307 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated 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 completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at $4,005,692,751.70. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,250 shares of company stock worth $6,790,149. Corporate insiders own 18.00% of the company’s stock.

Fortinet Stock Down 2.5 %

FTNT opened at $80.37 on Thursday. The firm has a 50-day simple moving average of $77.23 and a two-hundred day simple moving average of $66.78. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $83.77. The company has a market capitalization of $61.40 billion, a PE ratio of 53.69, a price-to-earnings-growth ratio of 2.84 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.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data 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 business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the business earned $0.31 earnings per share. Fortinet’s quarterly revenue was up 10.9% compared to the same quarter last year. Analysts forecast that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal 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.