Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Atria Wealth Solutions Inc.

Atria Wealth Solutions Inc. cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 50,120 shares of the software maker’s stock after selling 1,120 shares during the quarter. Atria Wealth Solutions Inc.’s holdings in Fortinet were worth $3,021,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of FTNT. TFO Wealth Partners LLC boosted its holdings in Fortinet by 72,668.0% during the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock worth $1,065,000 after buying an additional 18,167 shares in the last quarter. LGT Group Foundation grew its position in shares of Fortinet by 14.4% during the 4th quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after acquiring an additional 94,475 shares during the period. Y.D. More Investments Ltd increased its stake in shares of Fortinet by 101.4% in the 4th quarter. Y.D. More Investments Ltd now owns 61,964 shares of the software maker’s stock valued at $3,627,000 after purchasing an additional 31,198 shares in the last quarter. Sanibel Captiva Trust Company Inc. acquired a new position in Fortinet in the 4th quarter worth about $10,394,000. Finally, Janney Montgomery Scott LLC boosted its position in Fortinet by 121.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 244,879 shares of the software maker’s stock worth $14,333,000 after purchasing an additional 134,265 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, CEO Ken Xie sold 24,267 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the transaction, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,608 shares of company stock valued at $7,132,649. 18.00% of the stock is currently owned by company insiders.

Fortinet Stock Down 0.2 %

NASDAQ:FTNT traded down $0.15 during trading hours on Wednesday, reaching $75.42. 3,064,810 shares of the stock were exchanged, compared to its average volume of 5,887,771. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $76.31. The business has a 50-day moving average of $61.52 and a two-hundred day moving average of $64.08. The company has a market capitalization of $57.62 billion, a price-to-earnings ratio of 49.29, a PEG ratio of 2.79 and a beta of 0.98.

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

Wall Street Analyst Weigh In

FTNT has been the topic of a number of recent analyst reports. Truist Financial decreased their target price on Fortinet from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. Citigroup lifted their target price on shares of Fortinet from $65.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Evercore ISI reduced their price target on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a research report on Friday, May 3rd. TD Cowen upgraded Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Thursday, July 18th. Finally, Barclays reduced their target price on Fortinet from $75.00 to $70.00 and set an “equal weight” rating for the company in a report on Thursday, July 11th. Twenty-three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Fortinet has an average rating of “Hold” and an average price target of $71.31.

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.