Fortinet, Inc. $FTNT Shares Sold by Perigon Wealth Management LLC

Perigon Wealth Management LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 5.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,010 shares of the software maker’s stock after selling 850 shares during the period. Perigon Wealth Management LLC’s holdings in Fortinet were worth $1,481,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. SJS Investment Consulting Inc. lifted its holdings in shares of Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after acquiring an additional 225 shares during the period. Saudi Central Bank purchased a new position in shares of Fortinet during the 1st quarter worth about $25,000. Clearstead Trust LLC purchased a new position in shares of Fortinet during the 1st quarter worth about $28,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after acquiring an additional 284 shares during the period. Finally, ORG Partners LLC lifted its holdings in shares of Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after acquiring an additional 112 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president directly owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

Fortinet Stock Up 1.3%

Shares of NASDAQ:FTNT opened at $84.32 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The company has a 50 day moving average of $85.36 and a two-hundred day moving average of $95.44. The company has a market capitalization of $64.61 billion, a price-to-earnings ratio of 33.59, a price-to-earnings-growth ratio of 3.18 and a beta of 1.12.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the company earned $0.57 earnings per share. Fortinet’s revenue for the quarter was up 13.6% on a year-over-year basis. As a group, analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FTNT shares. Truist Financial cut their price objective on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Erste Group Bank lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Thursday, August 14th. Mizuho cut their price target on shares of Fortinet from $87.00 to $75.00 and set an “underperform” rating on the stock in a report on Thursday, August 7th. UBS Group cut their price target on shares of Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Finally, Cowen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a 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 given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $97.03.

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.