Allen Mooney & Barnes Investment Advisors LLC Trims Stock Position in Fortinet, Inc. (NASDAQ:FTNT)

Allen Mooney & Barnes Investment Advisors LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 6,655 shares of the software maker’s stock after selling 200 shares during the quarter. Allen Mooney & Barnes Investment Advisors LLC’s holdings in Fortinet were worth $516,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in Fortinet by 26.9% in the first quarter. GAMMA Investing LLC now owns 10,001 shares of the software maker’s stock worth $683,000 after buying an additional 2,118 shares during the period. Sarasin & Partners LLP lifted its stake in shares of Fortinet by 22.4% in the 2nd quarter. Sarasin & Partners LLP now owns 2,163,093 shares of the software maker’s stock valued at $130,370,000 after purchasing an additional 395,477 shares during the period. Banque Cantonale Vaudoise boosted its position in shares of Fortinet by 71.1% during the first quarter. Banque Cantonale Vaudoise now owns 72,384 shares of the software maker’s stock valued at $4,945,000 after purchasing an additional 30,084 shares in the last quarter. PDS Planning Inc purchased a new stake in Fortinet in the first quarter worth $200,000. Finally, Cetera Investment Advisers raised its holdings in Fortinet by 543.5% in the first quarter. Cetera Investment Advisers now owns 157,319 shares of the software maker’s stock worth $10,765,000 after purchasing an additional 132,871 shares in the last quarter. Hedge funds and other institutional investors own 83.71% of the company’s stock.

Insider Activity

In other news, VP Michael Xie sold 24,712 shares of the 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 completion of 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the sale, the chief executive officer now owns 48,842,522 shares of the company’s stock, valued at approximately $3,568,434,657.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 24,712 shares of the business’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 completion of the transaction, the vice president now directly owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 71,943 shares of company stock valued at $4,881,539 in the last ninety days. Corporate insiders own 18.00% of the company’s stock.

Fortinet Trading Down 0.0 %

Shares of Fortinet stock opened at $82.83 on Tuesday. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $83.77. The company’s fifty day simple moving average is $75.52 and its 200-day simple moving average is $66.26. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. The stock has a market capitalization of $63.28 billion, a PE ratio of 54.14, a P/E/G ratio of 2.84 and a beta of 1.00.

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 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%. Fortinet’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 earnings per share. As a group, equities analysts anticipate that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Wedbush reiterated an “outperform” rating and issued a $78.00 price target on shares of Fortinet in a research note on Wednesday, August 7th. Cantor Fitzgerald lifted their target price on shares of Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their price target on Fortinet from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. TD Cowen lifted their price objective on Fortinet from $75.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Fortinet has an average rating of “Hold” and an average target price of $72.64.

Fortinet Company 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.