Deerfield Management Company L.P. Series C Sells 2,537 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Deerfield Management Company L.P. Series C reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 28.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,484 shares of the software maker’s stock after selling 2,537 shares during the period. Deerfield Management Company L.P. Series C’s holdings in Fortinet were worth $391,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of FTNT. Vima LLC purchased a new stake in Fortinet in the fourth quarter worth about $25,000. Winthrop Capital Management LLC purchased a new stake in shares of Fortinet in the 1st quarter worth approximately $25,000. Rise Advisors LLC lifted its position in shares of Fortinet by 135.6% in the 1st 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 bought a new position in shares of Fortinet during the fourth quarter valued at approximately $32,000. Finally, Oakworth Capital Inc. purchased a new position in Fortinet during the second quarter valued at approximately $33,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on FTNT shares. Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Wells Fargo & Company raised their price objective on Fortinet from $62.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 7th. Piper Sandler upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Wednesday, August 7th. Finally, HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective for the company in a research note on Wednesday, August 7th. Twenty-three investment 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’s stock. According to data from MarketBeat, the company currently 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 firm’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 sale, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, VP Michael Xie sold 24,712 shares of the company’s 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 owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction dated 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 sale, the chief executive officer now owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,210 shares of company stock valued at $6,337,801. 18.00% of the stock is owned by company insiders.

Fortinet Trading Up 0.3 %

Shares of NASDAQ:FTNT opened at $77.45 on Friday. The company has a market capitalization of $59.24 billion, a PE ratio of 50.62, a PEG ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $78.18. The business has a 50 day moving average of $70.70 and a two-hundred day moving average of $65.46. 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 released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The firm’s revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the business earned $0.31 earnings per share. As a group, analysts forecast that Fortinet, Inc. will post 1.72 EPS 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.