Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC lowered its position in Fortinet, Inc. (NASDAQ:FTNT) by 3.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,247 shares of the software maker’s stock after selling 1,064 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Fortinet were worth $2,513,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. Moneta Group Investment Advisors LLC raised its position in Fortinet by 125,937.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 14,597,668 shares of the software maker’s stock valued at $713,680,000 after purchasing an additional 14,586,086 shares during the period. Norges Bank purchased a new position in Fortinet in the fourth quarter valued at about $312,964,000. Alliancebernstein L.P. raised its position in Fortinet by 15.0% in the fourth quarter. Alliancebernstein L.P. now owns 26,607,677 shares of the software maker’s stock valued at $1,300,849,000 after purchasing an additional 3,467,035 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Fortinet by 57.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 6,673,226 shares of the software maker’s stock valued at $443,503,000 after purchasing an additional 2,440,659 shares during the period. Finally, Renaissance Technologies LLC raised its position in Fortinet by 45.8% in the first quarter. Renaissance Technologies LLC now owns 6,230,645 shares of the software maker’s stock valued at $414,089,000 after purchasing an additional 1,958,200 shares during the period. Institutional investors and hedge funds own 65.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $61.02 on Monday. Fortinet, Inc. has a 12 month low of $42.61 and a 12 month high of $81.24. The stock has a market cap of $47.92 billion, a price-to-earnings ratio of 45.88, a PEG ratio of 2.76 and a beta of 1.16. The stock’s 50 day moving average price is $66.88 and its 200 day moving average price is $66.92. The company has a debt-to-equity ratio of 3.09, a current ratio of 1.39 and a quick ratio of 1.29.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, August 3rd. The software maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.34 by $0.04. Fortinet had a negative return on equity of 698.28% and a net margin of 21.24%. The firm had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter in the previous year, the company earned $0.18 earnings per share. The firm’s quarterly revenue was up 25.5% compared to the same quarter last year. Equities research analysts anticipate that Fortinet, Inc. will post 1.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Fortinet

In related news, Director William H. Neukom purchased 552 shares of the company’s stock in a transaction on Friday, September 8th. The shares were bought at an average price of $63.28 per share, with a total value of $34,930.56. Following the completion of the acquisition, the director now owns 291,551 shares of the company’s stock, valued at $18,449,347.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director William H. Neukom purchased 552 shares of the company’s stock in a transaction on Friday, September 8th. The shares were bought at an average price of $63.28 per share, with a total value of $34,930.56. Following the completion of the acquisition, the director now owns 291,551 shares of the company’s stock, valued at $18,449,347.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith Jensen sold 5,100 shares of the company’s stock in a transaction on Friday, August 18th. The shares were sold at an average price of $57.20, for a total value of $291,720.00. Following the completion of the transaction, the chief financial officer now directly owns 4,578 shares in the company, valued at approximately $261,861.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,218 shares of company stock valued at $4,429,412. Corporate insiders own 17.54% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on FTNT shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $75.00 price objective on shares of Fortinet in a research report on Tuesday, July 18th. Robert W. Baird cut their price objective on Fortinet from $93.00 to $84.00 and set an “outperform” rating on the stock in a research report on Friday, August 4th. BMO Capital Markets dropped their target price on Fortinet from $88.00 to $72.00 and set a “market perform” rating on the stock in a research report on Friday, August 4th. Wedbush dropped their target price on Fortinet from $70.00 to $69.00 and set an “outperform” rating on the stock in a research report on Friday, August 4th. Finally, The Goldman Sachs Group lifted their target price on Fortinet from $77.00 to $86.00 and gave the stock a “buy” rating in a research report on Tuesday, July 25th. Ten equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $73.10.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.