InTrack Investment Management Inc Decreases Position in Fortinet, Inc. $FTNT

InTrack Investment Management Inc cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,758 shares of the software maker’s stock after selling 552 shares during the quarter. Fortinet makes up approximately 1.3% of InTrack Investment Management Inc’s portfolio, making the stock its 23rd largest holding. InTrack Investment Management Inc’s holdings in Fortinet were worth $1,983,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FTNT. Saudi Central Bank purchased a new position in Fortinet in the 1st quarter valued at about $25,000. Clearstead Trust LLC purchased a new position in Fortinet in the 1st quarter worth approximately $28,000. Caitong International Asset Management Co. Ltd lifted its stake in Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after purchasing an additional 284 shares in the last quarter. ORG Partners LLC lifted its stake in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after purchasing an additional 112 shares in the last quarter. Finally, EQ Wealth Advisors LLC purchased a new position in Fortinet in the 1st quarter worth approximately $35,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FTNT. Wall Street Zen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Rosenblatt Securities reissued 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. BMO Capital Markets decreased their target price on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating on the stock in a research note on Thursday, August 7th. Evercore ISI decreased their target price on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a research note on Friday, August 8th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six 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 an average rating of “Hold” and a consensus price target of $97.03.

Fortinet Stock Up 1.8%

FTNT stock opened at $86.46 on Thursday. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The firm’s 50 day moving average price is $82.28 and its 200-day moving average price is $94.82. The firm has a market cap of $66.25 billion, a PE ratio of 34.45, a PEG ratio of 3.20 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share 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 firm 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 firm earned $0.57 EPS. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. On average, equities research analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the completion of the sale, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 158,486 shares of Fortinet 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 $5,061,072,243.92. This trade represents a 0.31% 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 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.