Altshuler Shaham Ltd Sells 23,182 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Altshuler Shaham Ltd trimmed its position in Fortinet, Inc. (NASDAQ:FTNT) by 83.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,661 shares of the software maker’s stock after selling 23,182 shares during the quarter. Altshuler Shaham Ltd’s holdings in Fortinet were worth $281,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Vima LLC acquired a new position in shares of Fortinet in the 4th quarter valued at $25,000. Winthrop Capital Management LLC acquired a new position in Fortinet in the first quarter worth about $25,000. Rise Advisors LLC lifted its stake in Fortinet by 135.6% during the first quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the period. Creekmur Asset Management LLC acquired a new stake in Fortinet during the fourth quarter valued at approximately $32,000. Finally, Oakworth Capital Inc. bought a new stake in shares of Fortinet in the 2nd quarter valued at approximately $33,000. 83.71% of the stock is owned by institutional investors.

Insider Transactions at Fortinet

In related 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 directly 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 Securities & Exchange Commission, which is available at this hyperlink. 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 transaction 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. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders sold 96,210 shares of company stock valued at $6,337,801 over the last quarter. Corporate insiders own 18.00% of the company’s stock.

Analysts Set New Price Targets

FTNT has been the subject of several analyst reports. Susquehanna raised their target price on Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Rosenblatt Securities cut their price objective on Fortinet from $85.00 to $68.00 and set a “buy” rating for the company in a report on Monday, August 5th. TD Cowen upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research note on Thursday, July 18th. Hsbc Global Res upgraded shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada lifted their price target on shares of Fortinet from $68.00 to $72.00 and gave the company a “sector perform” rating in a 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $71.57.

Fortinet Stock Performance

FTNT stock opened at $76.78 on Monday. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $78.08. The business’s 50-day moving average price is $68.88 and its two-hundred day moving average price is $65.18. The firm has a market cap of $58.66 billion, a PE ratio of 50.18, a P/E/G ratio of 2.77 and a beta of 1.00. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

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