US Bancorp DE Sells 2,221 Shares of Fortinet, Inc. $FTNT

US Bancorp DE decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 1.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 214,525 shares of the software maker’s stock after selling 2,221 shares during the period. US Bancorp DE’s holdings in Fortinet were worth $22,680,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Dover Advisors LLC lifted its stake in Fortinet by 1.0% during the second quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock worth $999,000 after purchasing an additional 94 shares during the period. Peloton Wealth Strategists lifted its stake in Fortinet by 2.4% during the first quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after purchasing an additional 100 shares during the period. Trust Co. of Vermont lifted its stake in Fortinet by 3.6% during the second quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after purchasing an additional 100 shares during the period. Assenagon Asset Management S.A. lifted its stake in Fortinet by 0.6% during the second quarter. Assenagon Asset Management S.A. now owns 17,841 shares of the software maker’s stock worth $1,886,000 after purchasing an additional 102 shares during the period. Finally, Hemington Wealth Management lifted its stake in Fortinet by 16.6% during the first quarter. Hemington Wealth Management now owns 752 shares of the software maker’s stock worth $72,000 after purchasing an additional 107 shares during the period. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of Fortinet stock opened at $83.06 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The firm has a market cap of $63.64 billion, a P/E ratio of 33.09, a P/E/G ratio of 3.25 and a beta of 1.09. The firm has a 50 day simple moving average of $81.72 and a 200 day simple moving average of $94.60. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT) last issued 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. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates 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 last year, the business posted $0.57 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, 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 value of $46,935,174.08. Following the completion of the sale, the vice president owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction 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 sale, the chief executive officer directly owned 51,391,879 shares of the company’s stock, valued at $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on FTNT. Erste Group Bank cut shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Thursday, August 14th. Wall Street Zen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. BMO Capital Markets dropped their price objective on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a report on Thursday, August 7th. Barclays dropped their price objective on shares of Fortinet from $110.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday, August 7th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $97.03.

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.