Fortinet, Inc. (NASDAQ:FTNT) Stake Lessened by Shaker Investments LLC OH

Shaker Investments LLC OH lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 51.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,904 shares of the software maker's stock after selling 21,114 shares during the period. Shaker Investments LLC OH's holdings in Fortinet were worth $1,200,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Fortinet by 1.2% in the first quarter. Vanguard Group Inc. now owns 68,052,487 shares of the software maker's stock valued at $4,648,665,000 after purchasing an additional 779,271 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Fortinet by 664.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker's stock valued at $2,400,215,000 after purchasing an additional 30,542,551 shares in the last quarter. Swedbank AB lifted its holdings in shares of Fortinet by 1.7% in the second quarter. Swedbank AB now owns 8,156,797 shares of the software maker's stock valued at $491,610,000 after purchasing an additional 134,366 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in shares of Fortinet by 7.6% in the first quarter. Jacobs Levy Equity Management Inc. now owns 3,996,822 shares of the software maker's stock valued at $273,023,000 after purchasing an additional 283,339 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Fortinet in the fourth quarter valued at $203,501,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In other Fortinet news, CFO Keith Jensen sold 18,701 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 4,663 shares in the company, valued at $278,287.84. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CFO Keith Jensen sold 18,701 shares of Fortinet stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total value of $1,116,075.68. Following the completion of the transaction, the chief financial officer now owns 4,663 shares in the company, valued at $278,287.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares of the company's stock, valued at approximately $3,568,434,657.32. The disclosure for this sale can be found here. Insiders sold a total of 115,608 shares of company stock worth $7,132,649 over the last quarter. Company insiders own 18.00% of the company's stock.

Fortinet Trading Up 0.6 %

FTNT stock traded up $0.45 during trading on Monday, reaching $75.18. 2,750,817 shares of the stock were exchanged, compared to its average volume of 5,846,776. The company has a market capitalization of $57.43 billion, a P/E ratio of 49.14, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $76.31. The stock has a 50 day simple moving average of $62.67 and a 200-day simple moving average of $64.28.

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on FTNT. Barclays cut their price objective on Fortinet from $75.00 to $70.00 and set an "equal weight" rating for the company in a report on Thursday, July 11th. Mizuho cut their price objective on Fortinet from $70.00 to $66.00 and set a "neutral" rating for the company in a report on Friday, May 3rd. Truist Financial cut their price objective on Fortinet from $80.00 to $70.00 and set a "buy" rating for the company in a report on Friday, May 3rd. Scotiabank raised their target price on Fortinet from $61.00 to $75.00 and gave the company a "sector outperform" rating in a report on Wednesday, August 7th. Finally, HSBC upgraded Fortinet from a "reduce" rating to a "hold" rating and set a $59.00 target price on the stock 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 issued a strong buy rating to the company's stock. Based on data from MarketBeat, Fortinet 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.

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