Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Cypress Capital Group

Cypress Capital Group cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 8.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,101 shares of the software maker’s stock after selling 1,170 shares during the period. Cypress Capital Group’s holdings in Fortinet were worth $729,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. TFO Wealth Partners LLC increased its holdings in shares of Fortinet by 72,668.0% during the fourth quarter. TFO Wealth Partners LLC now owns 18,192 shares of the software maker’s stock valued at $1,065,000 after purchasing an additional 18,167 shares during the period. LGT Group Foundation boosted its stake in Fortinet by 14.4% during the fourth quarter. LGT Group Foundation now owns 748,784 shares of the software maker’s stock valued at $44,478,000 after buying an additional 94,475 shares in the last quarter. Y.D. More Investments Ltd boosted its stake in Fortinet by 101.4% during the fourth quarter. Y.D. More Investments Ltd now owns 61,964 shares of the software maker’s stock valued at $3,627,000 after buying an additional 31,198 shares in the last quarter. Sanibel Captiva Trust Company Inc. bought a new position in Fortinet during the fourth quarter valued at about $10,394,000. Finally, Janney Montgomery Scott LLC boosted its stake in Fortinet by 121.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 244,879 shares of the software maker’s stock valued at $14,333,000 after buying an additional 134,265 shares in the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total value of $1,442,709.55. Following the completion of the transaction, the chief executive officer now owns 48,742,483 shares in the company, valued at approximately $2,901,640,012.99. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Ken Xie sold 24,235 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the sale, the chief executive officer now owns 48,742,483 shares in the company, valued at $2,901,640,012.99. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Keith Jensen sold 18,701 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total value of $1,116,075.68. Following the sale, the chief financial officer now owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,608 shares of company stock worth $7,132,649. 18.00% of the stock is currently owned by insiders.

Fortinet Trading Up 0.3 %

FTNT stock traded up $0.24 during trading on Monday, hitting $74.97. The company had a trading volume of 254,662 shares, compared to its average volume of 5,831,562. The company has a fifty day moving average price of $62.38 and a two-hundred day moving average price of $64.23. The company has a market cap of $57.27 billion, a P/E ratio of 48.84, a P/E/G ratio of 2.79 and a beta of 0.98. Fortinet, Inc. has a fifty-two week low of $44.12 and a fifty-two week high of $76.31.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.16. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the company posted $0.31 EPS. The business’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, analysts expect that Fortinet, Inc. will post 1.47 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. UBS Group increased their price target on Fortinet from $69.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Cantor Fitzgerald increased their price target on Fortinet from $55.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. BMO Capital Markets increased their price objective on Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. TD Cowen raised Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Thursday, July 18th. Finally, Robert W. Baird increased their price objective on Fortinet from $75.00 to $80.00 and gave the stock an “outperform” 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. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $71.31.

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.