Hexagon Capital Partners LLC Has $184,000 Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Hexagon Capital Partners LLC cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 7.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,375 shares of the software maker’s stock after selling 188 shares during the period. Hexagon Capital Partners LLC’s holdings in Fortinet were worth $184,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in FTNT. Vanguard Group Inc. lifted its holdings in Fortinet by 1.2% during the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker’s stock worth $4,648,665,000 after acquiring an additional 779,271 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Fortinet by 664.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after acquiring an additional 30,542,551 shares in the last quarter. Swedbank AB lifted its holdings in Fortinet by 1.7% during the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker’s stock worth $491,610,000 after acquiring an additional 134,366 shares in the last quarter. Marshall Wace LLP lifted its holdings in Fortinet by 198.5% during the second quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after acquiring an additional 4,148,520 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in Fortinet by 94.9% during the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after acquiring an additional 2,802,446 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Price Performance

Fortinet stock opened at $82.48 on Friday. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $82.50. The stock’s 50 day moving average is $74.45 and its 200-day moving average is $66.07. 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 company has a market capitalization of $63.01 billion, a price-to-earnings ratio of 53.91, a PEG ratio of 2.77 and a beta of 1.00.

Fortinet (NASDAQ:FTNT) last posted its earnings results 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 for the quarter, compared to the consensus estimate of $1.40 billion. Fortinet had a negative return on equity of 2,160.10% and a net margin of 23.71%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.31 earnings per share. Equities research analysts expect that Fortinet, Inc. will post 1.72 EPS for the current year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 24,267 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now owns 48,777,294 shares of the company’s stock, valued at $2,927,125,412.94. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Fortinet news, CEO Ken Xie sold 24,267 shares of the company’s stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 48,777,294 shares in the company, valued at $2,927,125,412.94. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction 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 sale, the vice president now owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 96,210 shares of company stock valued at $6,337,801 over the last 90 days. 18.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

FTNT has been the topic of several recent analyst reports. Scotiabank lifted their target price on Fortinet from $61.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Wednesday, August 7th. Guggenheim lowered Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. HSBC upgraded Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their price target on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Finally, Piper Sandler upgraded Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus 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.