Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,483,813 shares of the software maker’s stock after selling 14,280 shares during the period. Thrivent Financial for Lutherans’ holdings in Fortinet were worth $89,430,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Fortinet by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock valued at $4,648,665,000 after acquiring an additional 779,271 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares during the last quarter. Swedbank AB increased its stake in Fortinet by 1.7% in the 2nd quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after purchasing an additional 134,366 shares in the last quarter. Van ECK Associates Corp raised its holdings in Fortinet by 94.9% during the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after buying an additional 2,802,446 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in Fortinet by 15.0% during the second quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock valued at $302,941,000 after buying an additional 657,400 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Up 1.5 %

Shares of FTNT stock opened at $76.78 on Friday. The stock has a 50 day moving average of $68.88 and a 200-day moving average of $65.22. The firm has a market cap of $58.66 billion, a PE ratio of 50.18, a price-to-earnings-growth ratio of 2.77 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, Inc. has a 12 month low of $44.12 and a 12 month high of $78.08.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business’s revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.31 EPS. On average, equities analysts predict that Fortinet, Inc. will post 1.7 EPS for the current year.

Wall Street Analyst Weigh In

FTNT has been the topic of several analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. UBS Group boosted their target price on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. TD Cowen raised Fortinet from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research report on Thursday, July 18th. StockNews.com raised Fortinet from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. Finally, Wedbush restated an “outperform” rating and set a $78.00 price objective on shares of Fortinet in a research report on Wednesday, August 7th. Twenty-three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $71.57.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Fortinet news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at approximately $3,662,977,721.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 24,712 shares of the stock in a transaction on 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 owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold a total of 96,210 shares of company stock valued at $6,337,801 over the last three months. 18.00% of the stock is owned by corporate insiders.

Fortinet Company 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.