Fortinet, Inc. $FTNT Shares Sold by Amundi

Key Points

• Amundi reduced its holdings in Fortinet, Inc. by 5.6% in the first quarter, selling 365,728 shares and owning 6,211,739 shares valued at $555,578,000.
• Several institutional investors, including Vanguard Group Inc. and Goldman Sachs Group Inc., increased their stakes in Fortinet by up to 8.3% during the same period.
• Fortinet reported $0.64 EPS for the last quarter, exceeding estimates and showing a 13.6% year-over-year revenue increase, amounting to $1.63 billion.

Amundi lowered its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 6,211,739 shares of the software maker's stock after selling 365,728 shares during the period. Amundi owned 0.81% of Fortinet worth $555,578,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in FTNT. Hemington Wealth Management raised its holdings in shares of Fortinet by 16.6% during the 1st quarter. Hemington Wealth Management now owns 752 shares of the software maker's stock worth $72,000 after acquiring an additional 107 shares during the period. Citizens Financial Group Inc. RI raised its holdings in shares of Fortinet by 0.9% during the 1st quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker's stock worth $1,187,000 after acquiring an additional 107 shares during the period. Eagle Capital Management LLC raised its holdings in shares of Fortinet by 0.4% during the 1st quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock worth $2,530,000 after acquiring an additional 109 shares during the period. ORG Partners LLC raised its holdings in shares of Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares during the period. Finally, Bogart Wealth LLC raised its holdings in shares of Fortinet by 37.3% during the 1st quarter. Bogart Wealth LLC now owns 412 shares of the software maker's stock worth $40,000 after acquiring an additional 112 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Trading Up 3.1%

NASDAQ:FTNT traded up $2.39 on Friday, reaching $78.83. 10,495,077 shares of the company's stock were exchanged, compared to its average volume of 9,263,326. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $60.41 billion, a price-to-earnings ratio of 31.41, a price-to-earnings-growth ratio of 2.89 and a beta of 1.12. The business has a fifty day moving average of $92.07 and a 200-day moving average of $98.01. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business's revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.57 earnings per share. As a group, analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 476,596 shares of the company's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on FTNT. KeyCorp lowered Fortinet from an "overweight" rating to a "sector weight" rating in a report on Thursday, August 7th. Cantor Fitzgerald lifted their price target on Fortinet from $100.00 to $110.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Rosenblatt Securities reiterated a "neutral" rating and set a $85.00 price target (down previously from $125.00) on shares of Fortinet in a report on Thursday, August 7th. UBS Group reduced their price objective on shares of Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Finally, Scotiabank reduced their price objective on shares of Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $97.03.

About Fortinet

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.