Patriot Financial Group Insurance Agency LLC Sells 259 Shares of Fortinet, Inc. $FTNT

Patriot Financial Group Insurance Agency LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.2% during the second quarter, Holdings Channel.com reports. The institutional investor owned 20,667 shares of the software maker’s stock after selling 259 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Fortinet were worth $2,185,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTNT. SJS Investment Consulting Inc. boosted its holdings in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after buying an additional 225 shares during the last quarter. Saudi Central Bank bought a new position in Fortinet during the first quarter worth about $25,000. Clearstead Trust LLC bought a new position in Fortinet during the first quarter worth about $28,000. Caitong International Asset Management Co. Ltd boosted its holdings in Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after buying an additional 284 shares during the last quarter. Finally, ORG Partners LLC boosted its holdings in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after buying an additional 112 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Up 1.3%

Shares of Fortinet stock opened at $86.29 on Friday. The business’s 50 day simple moving average is $83.73 and its 200 day simple moving average is $95.16. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The firm has a market cap of $66.12 billion, a PE ratio of 34.38, a P/E/G ratio of 3.21 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the firm earned $0.57 EPS. Fortinet’s revenue for the quarter was up 13.6% compared to the same quarter last year. On average, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on FTNT. Rosenblatt Securities restated a “neutral” rating and set a $85.00 target price (down previously from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Evercore ISI cut their price objective on Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. JPMorgan Chase & Co. cut their price objective on Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Scotiabank cut their price objective on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 7th. Finally, UBS Group cut their price objective on Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $97.03.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the business’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 $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Michael Xie sold 476,596 shares of the business’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 value of $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.

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.