Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by InTrack Investment Management Inc

InTrack Investment Management Inc decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 8.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,710 shares of the software maker’s stock after selling 2,180 shares during the quarter. Fortinet makes up about 1.2% of InTrack Investment Management Inc’s portfolio, making the stock its 22nd biggest holding. InTrack Investment Management Inc’s holdings in Fortinet were worth $1,761,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vima LLC purchased a new stake in Fortinet in the 4th quarter valued at about $25,000. Winthrop Capital Management LLC purchased a new stake in Fortinet in the 1st quarter valued at about $25,000. Rise Advisors LLC raised its holdings in Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares during the period. Creekmur Asset Management LLC purchased a new stake in Fortinet in the 4th quarter valued at about $32,000. Finally, Oakworth Capital Inc. purchased a new stake in Fortinet in the 2nd quarter valued at about $33,000. Institutional investors and hedge funds own 83.71% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on FTNT shares. Wedbush reiterated an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research note on Wednesday, August 7th. Guggenheim lowered shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Barclays boosted their price target on shares of Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, October 7th. Robert W. Baird boosted their price target on shares of Fortinet from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a research note on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Fortinet presently has a consensus rating of “Hold” and a consensus target price of $72.64.

Insider Activity at Fortinet

In related news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 96,210 shares of company stock worth $6,337,801 in the last three months. Insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT opened at $82.87 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The firm has a market cap of $63.39 billion, a PE ratio of 49.04, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00. The company’s 50 day simple moving average is $74.98 and its 200-day simple moving average is $66.16. Fortinet, Inc. has a 12-month low of $44.12 and a 12-month high of $83.04.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.16. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same period last year, the firm posted $0.31 earnings per share. As a group, equities analysts predict that Fortinet, Inc. will post 1.74 EPS for the current year.

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.