WD Rutherford LLC Decreases Stake in Fortinet, Inc. (NASDAQ:FTNT)

WD Rutherford LLC lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 30.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,045 shares of the software maker's stock after selling 10,290 shares during the quarter. WD Rutherford LLC's holdings in Fortinet were worth $1,389,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Winthrop Capital Management LLC bought a new stake in Fortinet in the first quarter valued at $25,000. Rise Advisors LLC increased its position in shares of Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker's stock worth $26,000 after purchasing an additional 217 shares in the last quarter. Vima LLC acquired a new stake in shares of Fortinet during the 4th quarter worth about $25,000. Oakworth Capital Inc. acquired a new stake in shares of Fortinet during the 2nd quarter worth about $33,000. Finally, Creekmur Asset Management LLC acquired a new stake in shares of Fortinet during the 4th quarter worth about $32,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Up 0.3 %

Fortinet stock traded up $0.24 during midday trading on Friday, hitting $74.73. 3,182,470 shares of the stock were exchanged, compared to its average volume of 5,865,768. The company has a fifty day simple moving average of $62.38 and a two-hundred day simple moving average of $64.27. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $76.31. The stock has a market capitalization of $57.09 billion, a PE ratio of 48.84, a P/E/G ratio of 2.79 and a beta of 0.98.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.16. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.40 billion. During the same quarter last year, the firm earned $0.31 EPS. Fortinet's quarterly revenue was up 10.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Fortinet, Inc. will post 1.47 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the firm's stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the sale, the chief financial officer now directly owns 4,663 shares in the company, valued at approximately $278,287.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Fortinet news, VP Michael Xie sold 24,712 shares of the firm's stock in a transaction that occurred 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 in the company, valued at approximately $608,626,179.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Jensen sold 18,701 shares of the firm's stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the sale, the chief financial officer now owns 4,663 shares in the company, valued at $278,287.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 115,608 shares of company stock worth $7,132,649. Company insiders own 18.00% of the company's stock.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of recent analyst reports. Royal Bank of Canada increased their target price on shares of Fortinet from $68.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 7th. TD Cowen upgraded shares of Fortinet from a "hold" rating to a "buy" rating and set a $75.00 target price for the company in a research report on Thursday, July 18th. UBS Group increased their target price on shares of Fortinet from $69.00 to $70.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 7th. Robert W. Baird increased their target price on shares of Fortinet from $75.00 to $80.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 7th. Finally, DZ Bank upgraded shares of Fortinet from a "sell" rating to a "hold" rating and set a $65.00 price objective for the company in a research report on Thursday, August 8th. Twenty-three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $71.31.

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.