Hexagon Capital Partners LLC Cuts Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Hexagon Capital Partners LLC decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 6.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,563 shares of the software maker’s stock after selling 175 shares during the period. Hexagon Capital Partners LLC’s holdings in Fortinet were worth $154,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of FTNT. International Assets Investment Management LLC grew its position in shares of Fortinet by 5,645.7% in the 4th quarter. International Assets Investment Management LLC now owns 266,312 shares of the software maker’s stock worth $15,587,000 after buying an additional 261,677 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in Fortinet by 99.2% in the fourth quarter. Sequoia Financial Advisors LLC now owns 12,064 shares of the software maker’s stock worth $706,000 after purchasing an additional 6,008 shares during the last quarter. RPG Investment Advisory LLC increased its position in shares of Fortinet by 2.1% during the fourth quarter. RPG Investment Advisory LLC now owns 208,008 shares of the software maker’s stock worth $12,175,000 after purchasing an additional 4,308 shares in the last quarter. NewEdge Wealth LLC lifted its holdings in shares of Fortinet by 14.7% during the 4th quarter. NewEdge Wealth LLC now owns 313,753 shares of the software maker’s stock valued at $18,364,000 after purchasing an additional 40,225 shares during the last quarter. Finally, Seascape Capital Management acquired a new stake in shares of Fortinet in the 4th quarter worth $1,897,000. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Buying and Selling at Fortinet

In related news, CFO Keith Jensen sold 18,701 shares of the stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the transaction, the chief financial officer now owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CFO Keith Jensen sold 18,701 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the sale, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now owns 10,847,018 shares in the company, valued at $608,626,179.98. The disclosure for this sale can be found here. Insiders have sold a total of 91,915 shares of company stock valued at $5,401,638 over the last quarter. 18.00% of the stock is owned by company insiders.

Fortinet Stock Performance

Shares of NASDAQ FTNT traded up $1.01 during mid-day trading on Friday, reaching $69.69. The company’s stock had a trading volume of 6,988,618 shares, compared to its average volume of 5,926,143. The stock has a 50-day moving average of $59.59 and a two-hundred day moving average of $63.74. The stock has a market capitalization of $53.24 billion, a P/E ratio of 45.55, a P/E/G ratio of 2.79 and a beta of 0.98. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $73.91.

Fortinet (NASDAQ:FTNT) last issued its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. Fortinet’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.31 earnings per share. Analysts predict that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. TD Cowen upgraded shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Thursday, July 18th. Piper Sandler upgraded shares of Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Robert W. Baird upped their target price on Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target for the company in a research report on Thursday. Finally, Truist Financial cut their price objective on Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Twenty-three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and an average target price of $71.31.

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.