Fortinet, Inc. $FTNT Shares Sold by Capital Investment Advisors LLC

Capital Investment Advisors LLC trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 37.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,356 shares of the software maker’s stock after selling 2,634 shares during the quarter. Capital Investment Advisors LLC’s holdings in Fortinet were worth $460,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Raleigh Capital Management Inc. grew its position in Fortinet by 27.3% in the 2nd quarter. Raleigh Capital Management Inc. now owns 2,268 shares of the software maker’s stock valued at $240,000 after acquiring an additional 486 shares in the last quarter. Janney Montgomery Scott LLC grew its position in Fortinet by 0.5% in the 2nd quarter. Janney Montgomery Scott LLC now owns 122,246 shares of the software maker’s stock valued at $12,924,000 after acquiring an additional 599 shares in the last quarter. Oakworth Capital Inc. grew its position in Fortinet by 40.0% in the 2nd quarter. Oakworth Capital Inc. now owns 612 shares of the software maker’s stock valued at $65,000 after acquiring an additional 175 shares in the last quarter. Moss Adams Wealth Advisors LLC acquired a new position in Fortinet in the 2nd quarter valued at about $223,000. Finally, GC Wealth Management RIA LLC grew its position in Fortinet by 130.1% in the 2nd quarter. GC Wealth Management RIA LLC now owns 6,615 shares of the software maker’s stock valued at $699,000 after acquiring an additional 3,740 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

FTNT stock opened at $86.29 on Friday. The business has a 50 day moving average price of $83.73 and a 200 day moving average price of $95.16. The stock has a market cap of $66.12 billion, a price-to-earnings ratio of 34.38, a PEG ratio of 3.21 and a beta of 1.09. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

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

Insider Buying and Selling

In other Fortinet news, 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 completion of the sale, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the business’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 sale, the chief executive officer owned 51,391,879 shares of the company’s stock, valued at approximately $5,061,072,243.92. This 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 insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on FTNT shares. Evercore ISI dropped their target price on Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research report on Friday, August 8th. Cantor Fitzgerald lifted their target price on Fortinet from $100.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday, July 16th. DZ Bank raised Fortinet from a “hold” rating to a “buy” rating and set a $85.00 target price for the company in a research report on Friday, August 8th. Royal Bank Of Canada lowered their price objective on Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a research report on Thursday, August 7th. Finally, Stifel Nicolaus lowered their price objective on Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $97.03.

Fortinet Company 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.