Brighton Jones LLC Sells 1,323 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Brighton Jones LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 11.6% in the third quarter, Holdings Channel reports. The firm owned 10,106 shares of the software maker’s stock after selling 1,323 shares during the period. Brighton Jones LLC’s holdings in Fortinet were worth $784,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. Winthrop Capital Management LLC bought a new stake in shares of Fortinet in the first quarter valued at approximately $25,000. Eastern Bank bought a new stake in shares of Fortinet in the third quarter valued at approximately $25,000. Oakworth Capital Inc. bought a new stake in shares of Fortinet in the second quarter valued at approximately $33,000. Versant Capital Management Inc boosted its position in shares of Fortinet by 61.2% in the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after acquiring an additional 238 shares during the period. Finally, City State Bank boosted its position in shares of Fortinet by 900.0% in the third quarter. City State Bank now owns 500 shares of the software maker’s stock valued at $39,000 after acquiring an additional 450 shares during the period. Institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated 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 sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 23,307 shares of Fortinet stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $81.89, for a total value of $1,908,610.23. Following the completion of the sale, the chief executive officer now directly owns 48,915,530 shares in the company, valued at approximately $4,005,692,751.70. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,250 shares of company stock valued at $6,790,149 over the last 90 days. 18.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on FTNT shares. Wedbush reissued an “outperform” rating and issued a $78.00 price objective on shares of Fortinet in a research report on Wednesday, August 7th. Susquehanna upped their target price on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Thursday, August 8th. Robert W. Baird upped their target price on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Truist Financial upped their target price on Fortinet from $70.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and a consensus price target of $73.25.

Fortinet Trading Down 0.3 %

NASDAQ FTNT opened at $80.34 on Friday. The firm has a market cap of $61.37 billion, a P/E ratio of 52.51, a P/E/G ratio of 2.84 and a beta of 1.00. 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 stock’s 50-day moving average is $77.64 and its 200-day moving average is $67.06. Fortinet, Inc. has a one year low of $44.12 and a one year high of $83.77.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates 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 negative return on equity of 2,160.10% and a net margin of 23.71%. Fortinet’s revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.31 earnings per share. Sell-side analysts anticipate that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal 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.