Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Freestone Capital Holdings LLC

Freestone Capital Holdings LLC reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 28.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,602 shares of the software maker’s stock after selling 2,654 shares during the period. Freestone Capital Holdings LLC’s holdings in Fortinet were worth $451,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. CreativeOne Wealth LLC acquired a new stake in Fortinet during the first quarter valued at approximately $732,000. Delap Wealth Advisory LLC acquired a new stake in Fortinet during the first quarter valued at approximately $210,000. LGT Group Foundation lifted its stake in Fortinet by 14.0% during the first quarter. LGT Group Foundation now owns 853,486 shares of the software maker’s stock valued at $58,302,000 after purchasing an additional 104,702 shares during the last quarter. Shell Asset Management Co. raised its holdings in shares of Fortinet by 39.3% during the first quarter. Shell Asset Management Co. now owns 63,742 shares of the software maker’s stock valued at $4,354,000 after acquiring an additional 17,968 shares during the period. Finally, Crewe Advisors LLC acquired a new stake in shares of Fortinet during the first quarter valued at approximately $110,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Down 0.5 %

Fortinet stock traded down $0.31 during mid-day trading on Friday, reaching $57.00. The company had a trading volume of 4,244,996 shares, compared to its average volume of 4,748,436. The firm has a market cap of $43.54 billion, a price-to-earnings ratio of 37.26, a PEG ratio of 2.80 and a beta of 0.98. The company has a 50 day moving average of $59.57 and a 200-day moving average of $63.81. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $78.58.

Fortinet (NASDAQ:FTNT) last announced its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The firm’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter last year, the company posted $0.29 EPS. On average, analysts predict that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent analyst reports. Evercore ISI cut their price target on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating on the stock in a report on Friday, May 3rd. Barclays cut their price target on shares of Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a report on Thursday, July 11th. Needham & Company LLC restated a “hold” rating on shares of Fortinet in a report on Tuesday, June 11th. StockNews.com upgraded shares of Fortinet from a “hold” rating to a “buy” rating in a research note on Sunday, June 30th. Finally, Robert W. Baird dropped their price objective on shares of Fortinet from $81.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $69.90.

Insider Buying and Selling

In related news, VP Michael Xie sold 24,710 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total transaction of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fortinet news, VP Michael Xie sold 24,710 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $64.48, for a total value of $1,593,300.80. Following the completion of the sale, the vice president now owns 10,867,018 shares in the company, valued at approximately $700,705,320.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William H. Neukom acquired 586 shares of the stock in a transaction on Thursday, June 6th. The stock was bought at an average price of $59.55 per share, with a total value of $34,896.30. Following the transaction, the director now directly owns 295,778 shares in the company, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. Insiders sold 91,913 shares of company stock worth $5,608,349 in the last quarter. 18.00% of the stock is owned by corporate insiders.

Fortinet 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.