STF Management LP Sells 639 Shares of Fortinet, Inc. (NASDAQ:FTNT)

STF Management LP trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 5.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,264 shares of the software maker’s stock after selling 639 shares during the period. STF Management LP’s holdings in Fortinet were worth $739,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Parallel Advisors LLC lifted its stake in shares of Fortinet by 2.0% in the second quarter. Parallel Advisors LLC now owns 7,504 shares of the software maker’s stock valued at $452,000 after buying an additional 148 shares in the last quarter. Simplicity Wealth LLC lifted its stake in shares of Fortinet by 2.2% in the second quarter. Simplicity Wealth LLC now owns 8,260 shares of the software maker’s stock valued at $498,000 after buying an additional 174 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its stake in shares of Fortinet by 22.4% in the first quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after buying an additional 180 shares in the last quarter. Werlinich Asset Management LLC lifted its stake in shares of Fortinet by 1.7% in the second quarter. Werlinich Asset Management LLC now owns 10,650 shares of the software maker’s stock valued at $639,000 after buying an additional 180 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC lifted its stake in shares of Fortinet by 0.9% in the first quarter. Mount Yale Investment Advisors LLC now owns 21,319 shares of the software maker’s stock valued at $1,456,000 after buying an additional 185 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on FTNT. Robert W. Baird raised their price target on shares of Fortinet from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Susquehanna raised their price target on shares of Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Citigroup raised their price target on shares of Fortinet from $66.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Wedbush reissued an “outperform” rating and set a $78.00 price target on shares of Fortinet in a research report on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Fortinet presently has an average rating of “Hold” and an average target price of $71.57.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $76.34 on Tuesday. The company has a 50 day moving average of $67.59 and a 200 day moving average of $65.03. The stock has a market cap of $58.32 billion, a P/E ratio of 49.90, a P/E/G ratio of 2.77 and a beta of 1.00. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.08. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS 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 analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.31 earnings per share. As a group, sell-side analysts forecast that Fortinet, Inc. will post 1.7 EPS for the current fiscal year.

Insider Activity at Fortinet

In related news, CEO Ken Xie sold 24,267 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the completion of 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 available through this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of Fortinet stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the completion of the sale, the vice president now directly owns 10,847,018 shares in the company, valued at $608,626,179.98. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 24,267 shares of Fortinet stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $60.01, for a total transaction of $1,456,262.67. Following the sale, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 72,672 shares of company stock valued at $4,573,864. Corporate insiders own 18.00% of the company’s stock.

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.