Interchange Capital Partners LLC Has $43,000 Holdings in Fortinet, Inc. $FTNT

Interchange Capital Partners LLC cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 92.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 410 shares of the software maker’s stock after selling 4,959 shares during the period. Interchange Capital Partners LLC’s holdings in Fortinet were worth $43,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after acquiring an additional 3,546,934 shares in the last quarter. Invesco Ltd. grew its stake in shares of Fortinet by 2.2% in the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock valued at $824,999,000 after acquiring an additional 181,835 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Fortinet by 17.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after acquiring an additional 1,026,277 shares in the last quarter. Northern Trust Corp grew its stake in shares of Fortinet by 0.8% in the first quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock valued at $627,573,000 after acquiring an additional 49,238 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Fortinet by 40.9% in the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after acquiring an additional 1,733,670 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FTNT. Royal Bank Of Canada reduced their price objective on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 7th. JPMorgan Chase & Co. reduced their price objective on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Cowen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 7th. DZ Bank upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research note on Friday, August 8th. Finally, BMO Capital Markets reduced their price objective 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. 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 stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $97.03.

Insider Buying and Selling

In related 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 value of $15,607,701.28. Following the completion of the transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 shares were 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 owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

Fortinet Trading Up 0.6%

FTNT opened at $83.58 on Thursday. The company’s 50 day moving average is $80.91 and its 200-day moving average is $94.28. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company has a market cap of $64.04 billion, a P/E ratio of 33.30, a PEG ratio of 3.13 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the company posted $0.57 EPS. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. Equities research analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

About Fortinet

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.