Congress Park Capital LLC Has $1.61 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Congress Park Capital LLC trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 3.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,736 shares of the software maker’s stock after selling 794 shares during the period. Congress Park Capital LLC’s holdings in Fortinet were worth $1,608,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. ORBA Wealth Advisors L.L.C. increased its stake in shares of Fortinet by 30.8% in the 3rd quarter. ORBA Wealth Advisors L.L.C. now owns 19,503 shares of the software maker’s stock valued at $1,512,000 after purchasing an additional 4,591 shares during the last quarter. Tobam raised its holdings in shares of Fortinet by 2,628.2% during the 3rd quarter. Tobam now owns 44,851 shares of the software maker’s stock worth $3,478,000 after buying an additional 43,207 shares in the last quarter. Sendero Wealth Management LLC raised its holdings in shares of Fortinet by 2.8% during the 3rd quarter. Sendero Wealth Management LLC now owns 40,846 shares of the software maker’s stock worth $3,168,000 after buying an additional 1,099 shares in the last quarter. Perpetual Ltd raised its holdings in shares of Fortinet by 98.7% during the 3rd quarter. Perpetual Ltd now owns 24,264 shares of the software maker’s stock worth $1,882,000 after buying an additional 12,054 shares in the last quarter. Finally, Wedmont Private Capital raised its holdings in shares of Fortinet by 24.0% during the 3rd quarter. Wedmont Private Capital now owns 5,407 shares of the software maker’s stock worth $419,000 after buying an additional 1,045 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Fortinet

In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Ken Xie sold 23,538 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the transaction, the chief executive officer now directly owns 48,878,806 shares of the company’s stock, valued at $3,662,977,721.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 96,210 shares of company stock valued at $6,337,801 over the last three months. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT traded up $0.16 on Friday, reaching $82.63. 1,035,619 shares of the company’s stock traded hands, compared to its average volume of 5,569,718. The stock’s 50 day simple moving average is $74.45 and its two-hundred day simple moving average is $66.07. Fortinet, Inc. has a 52-week low of $44.12 and a 52-week high of $83.04. The stock has a market cap of $63.20 billion, a PE ratio of 48.80, a PEG ratio of 2.84 and a beta of 1.00. 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 announced its quarterly earnings data 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. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. During the same period in the prior year, the company earned $0.31 earnings per share. Fortinet’s revenue was up 10.9% compared to the same quarter last year. On average, analysts forecast that Fortinet, Inc. will post 1.74 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Citigroup upped their target price on Fortinet from $66.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday, September 13th. Morgan Stanley lowered their target price on Fortinet from $73.00 to $69.00 and set an “overweight” rating for the company in a report on Wednesday, July 17th. Wedbush reiterated an “outperform” rating and issued a $78.00 price target on shares of Fortinet in a research report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Twenty-three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Fortinet currently has an average rating of “Hold” and an average price target of $72.64.

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.