GAMMA Investing LLC Reduces Holdings in Fortinet, Inc. (NASDAQ:FTNT)

GAMMA Investing LLC lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 2.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,763 shares of the software maker’s stock after selling 238 shares during the period. GAMMA Investing LLC’s holdings in Fortinet were worth $588,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Massmutual Trust Co. FSB ADV grew its holdings in Fortinet by 22.4% during the 1st 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 during the last quarter. Mount Yale Investment Advisors LLC boosted its stake in shares of Fortinet by 0.9% during 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 acquiring an additional 185 shares during the last quarter. Buckhead Capital Management LLC increased its position in Fortinet by 0.6% during the 4th quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock worth $1,764,000 after purchasing an additional 187 shares in the last quarter. STF Management LP raised its stake in Fortinet by 1.5% in the 4th quarter. STF Management LP now owns 12,917 shares of the software maker’s stock valued at $756,000 after purchasing an additional 187 shares during the last quarter. Finally, Johnson Investment Counsel Inc. raised its position in shares of Fortinet by 1.0% in the fourth quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker’s stock valued at $1,211,000 after buying an additional 200 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on FTNT. Guggenheim cut shares of Fortinet from a “buy” rating to a “neutral” rating in a research note on Monday, July 29th. Evercore ISI dropped their target price on Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a research note on Friday, May 3rd. Morgan Stanley decreased their price target on Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. Royal Bank of Canada dropped their price objective on shares of Fortinet from $71.00 to $68.00 and set a “sector perform” rating for the company in a research note on Friday, May 3rd. Finally, BMO Capital Markets decreased their target price on shares of Fortinet from $82.00 to $70.00 and set a “market perform” rating on the stock in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $70.00.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Fortinet news, Director William H. Neukom acquired 586 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were purchased at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the purchase, the director now directly owns 295,778 shares in the company, valued at $17,613,579.90. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction 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. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,915 shares of company stock valued at $5,401,638. Insiders own 18.00% of the company’s stock.

Fortinet Price Performance

FTNT traded down $0.69 on Friday, reaching $56.51. The company’s stock had a trading volume of 5,940,825 shares, compared to its average volume of 4,801,712. The business’s 50 day moving average is $59.16 and its 200 day moving average is $63.69. Fortinet, Inc. has a 1 year low of $44.12 and a 1 year high of $76.00. The stock has a market cap of $43.17 billion, a price-to-earnings ratio of 36.93, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.05. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same quarter in the previous year, the firm earned $0.29 earnings per share. The business’s revenue was up 7.2% compared to the same quarter last year. As a group, research analysts forecast that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

About Fortinet

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.