Fortinet, Inc. (NASDAQ:FTNT) Holdings Decreased by CVA Family Office LLC

CVA Family Office LLC cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT) by 19.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 744 shares of the software maker’s stock after selling 182 shares during the period. CVA Family Office LLC’s holdings in Fortinet were worth $58,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in FTNT. Price T Rowe Associates Inc. MD lifted its position in shares of Fortinet by 664.8% in the 1st 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 buying an additional 30,542,551 shares during the last quarter. Swedbank AB acquired a new position in Fortinet in the first quarter valued at approximately $548,013,000. Marshall Wace LLP raised its position in shares of Fortinet by 198.5% during the 2nd quarter. Marshall Wace LLP now owns 6,238,856 shares of the software maker’s stock worth $376,016,000 after purchasing an additional 4,148,520 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Fortinet by 94.9% in the 2nd quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock worth $346,890,000 after purchasing an additional 2,802,446 shares during the last quarter. Finally, Sarasin & Partners LLP acquired a new position in Fortinet during the 1st quarter valued at approximately $120,746,000. Institutional investors own 83.71% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Barclays increased their target price on Fortinet from $74.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. HSBC upgraded shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a research report on Wednesday, August 7th. UBS Group raised their price target on shares of Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. DZ Bank raised Fortinet from a “sell” rating to a “hold” rating and set a $65.00 price target on the stock in a report on Thursday, August 8th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Fortinet in a report on Wednesday, August 7th. Twenty-three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $72.64.

Fortinet Trading Up 0.5 %

Shares of NASDAQ FTNT opened at $82.87 on Monday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $83.04. The company has a market cap of $63.31 billion, a price-to-earnings ratio of 54.16, a P/E/G ratio of 2.84 and a beta of 1.00. The business has a fifty day simple moving average of $74.98 and a 200-day simple moving average of $66.16.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.31 earnings per share. Sell-side analysts predict that Fortinet, Inc. will post 1.74 EPS for the current year.

Insider Buying and Selling

In other Fortinet news, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Ken Xie sold 23,538 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $74.94, for a total transaction of $1,763,937.72. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 approximately $608,626,179.98. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 71,943 shares of company stock valued at $4,881,539. Company insiders own 18.00% of the company’s stock.

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.