Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Lodestone Wealth Management LLC

Lodestone Wealth Management LLC lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 3.7% in the third quarter, HoldingsChannel reports. The firm owned 3,388 shares of the software maker’s stock after selling 130 shares during the quarter. Lodestone Wealth Management LLC’s holdings in Fortinet were worth $263,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC boosted its holdings in shares of Fortinet by 34.1% during the third quarter. Janney Montgomery Scott LLC now owns 109,127 shares of the software maker’s stock valued at $8,463,000 after acquiring an additional 27,722 shares during the period. Farther Finance Advisors LLC lifted its position in Fortinet by 61.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 6,854 shares of the software maker’s stock valued at $532,000 after purchasing an additional 2,598 shares during the last quarter. Weatherly Asset Management L. P. boosted its stake in Fortinet by 0.4% during the 3rd quarter. Weatherly Asset Management L. P. now owns 115,503 shares of the software maker’s stock valued at $8,957,000 after purchasing an additional 495 shares during the period. Stephens Inc. AR grew its position in Fortinet by 84.2% in the 3rd quarter. Stephens Inc. AR now owns 10,811 shares of the software maker’s stock worth $838,000 after purchasing an additional 4,941 shares during the last quarter. Finally, Oak Ridge Investments LLC increased its stake in shares of Fortinet by 6.3% in the third quarter. Oak Ridge Investments LLC now owns 129,243 shares of the software maker’s stock valued at $10,023,000 after purchasing an additional 7,654 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,538 shares of Fortinet stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total value of $1,763,937.72. Following the completion of the sale, the chief executive officer now directly owns 48,878,806 shares in the company, valued at $3,662,977,721.64. The trade was 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 through the SEC website. Over the last quarter, insiders have sold 70,538 shares of company stock worth $5,403,559. Insiders own 18.00% of the company’s stock.

Fortinet Trading Up 0.2 %

Fortinet stock opened at $78.80 on Friday. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $83.77. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The stock has a market cap of $60.27 billion, a P/E ratio of 46.63, a P/E/G ratio of 2.77 and a beta of 1.00. The company’s fifty day simple moving average is $78.06 and its 200-day simple moving average is $67.48.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter last year, the firm earned $0.31 earnings per share. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. As a group, sell-side analysts forecast that Fortinet, Inc. will post 1.75 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. boosted their price target on Fortinet from $63.00 to $70.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Wedbush reissued an “outperform” rating and set a $78.00 target price on shares of Fortinet in a research note on Wednesday, August 7th. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price target on the stock in a research report on Wednesday, August 7th. UBS Group increased their price objective on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Guggenheim cut Fortinet from a “buy” rating to a “neutral” rating in a report on Monday, July 29th. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $74.68.

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.