Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Mount Yale Investment Advisors LLC

Mount Yale Investment Advisors LLC cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,911 shares of the software maker’s stock after selling 408 shares during the quarter. Mount Yale Investment Advisors LLC’s holdings in Fortinet were worth $1,260,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew 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 buying an additional 779,271 shares during the last quarter. Price T Rowe Associates Inc. MD grew 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 raised its position in shares of Fortinet by 1.7% during 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 during the period. Van ECK Associates Corp lifted its holdings in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Fortinet by 15.0% during the 2nd quarter. Renaissance Technologies LLC now owns 5,026,394 shares of the software maker’s stock valued at $302,941,000 after purchasing an additional 657,400 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Performance

Fortinet stock opened at $76.78 on Monday. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $78.08. The firm’s 50 day simple moving average is $68.88 and its 200-day simple moving average is $65.18. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The company has a market cap of $58.66 billion, a P/E ratio of 50.18, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.31 EPS. As a group, equities research analysts predict that Fortinet, Inc. will post 1.7 EPS for the current year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at approximately $3,662,977,721.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, 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 transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 23,538 shares of the stock in a transaction 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 sale, the chief executive officer now owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 96,210 shares of company stock valued at $6,337,801. Company insiders own 18.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Scotiabank raised their target price on Fortinet from $61.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Wednesday, August 7th. TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Thursday, July 18th. Cantor Fitzgerald upped their target price on shares of Fortinet from $55.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price target on Fortinet from $63.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, DZ Bank upgraded 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. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $71.57.

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.