Liontrust Investment Partners LLP Has $1.97 Million Stake in Fortinet, Inc. (NASDAQ:FTNT)

Liontrust Investment Partners LLP reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 88.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,674 shares of the software maker's stock after selling 250,690 shares during the period. Liontrust Investment Partners LLP's holdings in Fortinet were worth $1,969,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Winthrop Capital Management LLC acquired a new position in shares of Fortinet during the 1st quarter worth approximately $25,000. Rise Advisors LLC raised 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 valued at $26,000 after buying an additional 217 shares during the period. Vima LLC purchased a new stake in shares of Fortinet during the 4th quarter valued at approximately $25,000. Oakworth Capital Inc. purchased a new stake in shares of Fortinet during the 2nd quarter valued at approximately $33,000. Finally, Creekmur Asset Management LLC purchased a new stake in shares of Fortinet during the 4th quarter valued at approximately $32,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Fortinet

In other Fortinet news, VP Michael Xie sold 24,712 shares of the company's 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 completion of 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other 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 completion of the transaction, the vice president now directly owns 10,847,018 shares of the company's stock, valued at approximately $608,626,179.98. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Ken Xie sold 23,693 shares of the company's stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 115,608 shares of company stock worth $7,132,649. 18.00% of the stock is owned by company insiders.

Fortinet Stock Performance

NASDAQ FTNT traded up $0.79 during trading hours on Tuesday, hitting $75.97. The company had a trading volume of 2,471,115 shares, compared to its average volume of 5,826,325. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $76.31. The company has a market cap of $58.04 billion, a PE ratio of 49.65, a price-to-earnings-growth ratio of 2.79 and a beta of 0.98. The business has a 50 day moving average of $62.67 and a 200-day moving average of $64.28.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share 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 analysts' expectations of $1.40 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm's revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.31 earnings per share. Sell-side analysts expect that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

FTNT has been the topic of several analyst reports. Cantor Fitzgerald lifted their price target on shares of Fortinet from $55.00 to $65.00 and gave the company a "neutral" rating in a research report on Wednesday, August 7th. Truist Financial reduced their price target on shares of Fortinet from $80.00 to $70.00 and set a "buy" rating on the stock in a research report on Friday, May 3rd. TD Cowen raised shares of Fortinet from a "hold" rating to a "buy" rating and set a $75.00 price target on the stock in a research report on Thursday, July 18th. Wedbush reissued an "outperform" rating and issued a $78.00 target price on shares of Fortinet in a research report on Wednesday, August 7th. Finally, DZ Bank raised Fortinet from a "sell" rating to a "hold" rating and set a $65.00 target price on the stock in a research report on Thursday, August 8th. Twenty-three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus 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.