Tandem Wealth Advisors LLC Decreases Holdings in Fortinet, Inc. $FTNT

Tandem Wealth Advisors LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,324 shares of the software maker’s stock after selling 224 shares during the quarter. Tandem Wealth Advisors LLC’s holdings in Fortinet were worth $224,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in FTNT. Vanguard Group Inc. raised its position in shares of Fortinet by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after buying an additional 3,546,934 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Fortinet by 11,349.3% during the 1st quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker’s stock valued at $185,551,000 after buying an additional 1,910,771 shares in the last quarter. Nuveen LLC bought a new position in Fortinet during the 1st quarter valued at about $153,576,000. Northern Trust Corp grew its holdings in Fortinet by 17.2% during the 4th quarter. Northern Trust Corp now owns 6,470,320 shares of the software maker’s stock valued at $611,316,000 after purchasing an additional 951,233 shares during the last quarter. Finally, AustralianSuper Pty Ltd grew its holdings in Fortinet by 127.6% during the 1st quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker’s stock valued at $144,038,000 after purchasing an additional 839,028 shares during the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on FTNT. Rosenblatt Securities restated a “neutral” rating and issued a $85.00 target price (down from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Citigroup reaffirmed a “neutral” rating and issued a $85.00 price target (down previously from $110.00) on shares of Fortinet in a research report on Monday, August 18th. Truist Financial lowered their price target on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, August 7th. Royal Bank Of Canada lowered their price target on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a research report on Thursday, August 7th. Finally, TD Cowen reissued a “hold” rating and set a $105.00 target price on shares of Fortinet in a research report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $97.40.

Insiders Place Their Bets

In related news, Director William H. Neukom purchased 335 shares of the firm’s stock in a transaction on Friday, June 6th. The stock was acquired at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, the director owned 301,471 shares in the company, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the transaction, the vice president directly owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 17.20% of the company’s stock.

Fortinet Trading Up 2.9%

NASDAQ:FTNT opened at $80.02 on Friday. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The firm has a 50 day moving average of $96.98 and a 200 day moving average of $100.12. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $61.32 billion, a price-to-earnings ratio of 31.88, a PEG ratio of 3.03 and a beta of 1.07.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. Fortinet’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.57 earnings per share. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 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.