Gladstone Institutional Advisory LLC Lowers Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Gladstone Institutional Advisory LLC lowered its stake in Fortinet, Inc. (NASDAQ:FTNT) by 23.7% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,799 shares of the software maker’s stock after selling 1,177 shares during the period. Gladstone Institutional Advisory LLC’s holdings in Fortinet were worth $295,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Graypoint LLC purchased a new stake in shares of Fortinet during the first quarter valued at approximately $208,000. FORA Capital LLC purchased a new position in shares of Fortinet in the first quarter worth $314,000. Central Pacific Bank Trust Division bought a new position in shares of Fortinet during the first quarter valued at $190,000. GSA Capital Partners LLP bought a new stake in Fortinet in the 1st quarter worth about $569,000. Finally, Signaturefd LLC raised its position in Fortinet by 42.0% in the 1st quarter. Signaturefd LLC now owns 15,084 shares of the software maker’s stock worth $1,030,000 after buying an additional 4,461 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on FTNT. JPMorgan Chase & Co. boosted their price objective on shares of Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. BMO Capital Markets raised their price target on Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Piper Sandler upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 target price on the stock in a research report on Thursday, August 8th. Finally, Robert W. Baird upped their price target 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. One equities research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $74.68.

Fortinet Trading Up 0.1 %

NASDAQ:FTNT opened at $78.84 on Tuesday. 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 firm has a fifty day simple moving average of $78.06 and a 200-day simple moving average of $67.52. Fortinet, Inc. has a 12 month low of $47.66 and a 12 month high of $83.77. The company has a market capitalization of $60.31 billion, a P/E ratio of 46.65, a PEG ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted 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 business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the business earned $0.31 EPS. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. On average, equities research analysts anticipate that Fortinet, Inc. will post 1.75 earnings per share for the current year.

Insider Activity at Fortinet

In other news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 70,538 shares of company stock worth $5,403,559 over the last quarter. Insiders own 18.00% of the company’s stock.

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.