Creative Financial Designs Inc. ADV Has $122,000 Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Creative Financial Designs Inc. ADV trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 42.5% in the third quarter, HoldingsChannel reports. The firm owned 1,570 shares of the software maker’s stock after selling 1,160 shares during the period. Creative Financial Designs Inc. ADV’s holdings in Fortinet were worth $122,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Winthrop Capital Management LLC acquired a new position in shares of Fortinet during the first quarter worth approximately $25,000. Eastern Bank bought a new position in Fortinet in the 3rd quarter valued at $25,000. Oakworth Capital Inc. acquired a new stake in shares of Fortinet in the 2nd quarter valued at $33,000. Versant Capital Management Inc raised its position in shares of Fortinet by 61.2% during the second quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock worth $38,000 after acquiring an additional 238 shares during the last quarter. Finally, City State Bank lifted its stake in shares of Fortinet by 900.0% during 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.

Analyst Ratings Changes

A number of brokerages recently commented on FTNT. TD Cowen lifted their price objective on Fortinet from $75.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Barclays boosted their price target on shares of Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a research note on Wednesday, August 7th. Hsbc Global Res raised Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Finally, Rosenblatt Securities lifted their price objective on Fortinet from $72.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Fortinet has a consensus rating of “Hold” and an average price target of $74.68.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 70,538 shares of company stock worth $5,403,559. 18.00% of the stock is owned by insiders.

Fortinet Stock Up 0.1 %

FTNT stock opened at $78.84 on Tuesday. 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 has a market capitalization of $60.31 billion, a P/E ratio of 46.65, a P/E/G ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a fifty-two week low of $47.66 and a fifty-two week high of $83.77. The business has a 50-day moving average of $78.06 and a 200-day moving average of $67.52.

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, topping the consensus estimate of $0.41 by $0.16. The company had revenue of $1.43 billion during 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 business’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period last year, the business earned $0.31 EPS. On average, sell-side analysts anticipate that Fortinet, Inc. will post 1.75 earnings per share for the current fiscal year.

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.