Yousif Capital Management LLC Sells 1,399 Shares of Fortinet, Inc. $FTNT

Yousif Capital Management LLC cut its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 1.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,787 shares of the software maker’s stock after selling 1,399 shares during the period. Yousif Capital Management LLC’s holdings in Fortinet were worth $8,752,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of FTNT. Saudi Central Bank bought a new position in shares of Fortinet in the first quarter valued at approximately $25,000. Clearstead Trust LLC bought a new position in shares of Fortinet in the first quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock valued at $29,000 after acquiring an additional 284 shares in the last quarter. ORG Partners LLC grew its holdings in shares of Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock valued at $34,000 after acquiring an additional 112 shares in the last quarter. Finally, EQ Wealth Advisors LLC bought a new position in shares of Fortinet in the first quarter valued at approximately $35,000. 83.71% of the stock is owned by institutional investors.

Fortinet Price Performance

Fortinet stock opened at $84.20 on Tuesday. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The business has a fifty day moving average price of $81.43 and a 200-day moving average price of $94.43. 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 capitalization of $64.52 billion, a P/E ratio of 33.55, 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 EPS for the quarter, topping 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 firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the company earned $0.57 earnings per share. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Ken Xie sold 158,486 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the sale, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction 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 completion of the sale, the vice president 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. 18.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on FTNT shares. JPMorgan Chase & Co. dropped their price objective on Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research note on Thursday, August 7th. Cantor Fitzgerald upped their price objective on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, July 16th. Barclays dropped their price objective on Fortinet from $110.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 7th. Citigroup reiterated a “neutral” rating and issued a $85.00 price objective (down previously from $110.00) on shares of Fortinet in a research note on Monday, August 18th. Finally, Morgan Stanley reiterated an “underweight” rating and issued a $67.00 price objective (down previously from $78.00) on shares of Fortinet in a research note on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average 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.