Atria Wealth Solutions Inc. Sells 9,940 Shares of Fortinet, Inc. $FTNT

Key Points

• Atria Wealth Solutions Inc. sold 9,940 shares of Fortinet, decreasing its stake by 26.2%, and now owns 27,967 shares valued at approximately $2.96 million.
• Several hedge funds have recently altered their positions in Fortinet, with a significant boost in stakes observed from entities like Caitong International Asset Management and ORG Partners LLC.
• Fortinet reported better-than-expected earnings of $0.64 per share, surpassing analysts' estimates, while its revenue also increased by 13.6% compared to the previous year.

Atria Wealth Solutions Inc. trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 26.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,967 shares of the software maker's stock after selling 9,940 shares during the period. Atria Wealth Solutions Inc.'s holdings in Fortinet were worth $2,957,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in FTNT. Saudi Central Bank bought a new position in Fortinet during the 1st quarter valued at about $25,000. Clearstead Trust LLC purchased a new stake in Fortinet in the 1st quarter valued at about $28,000. Caitong International Asset Management Co. Ltd boosted its position in Fortinet by 2,184.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after buying an additional 284 shares during the period. ORG Partners LLC boosted its position in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the period. Finally, EQ Wealth Advisors LLC purchased a new stake in Fortinet in the 1st quarter valued at about $35,000. 83.71% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the sale, the vice president owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ken Xie sold 158,486 shares of the stock in a transaction that occurred on 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 of the company's stock, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company's stock.

Fortinet Price Performance

Shares of FTNT opened at $83.08 on Wednesday. The company has a 50 day moving average price of $81.17 and a 200-day moving average price of $94.35. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The stock has a market capitalization of $63.66 billion, a PE ratio of 33.10, a PEG ratio of 3.17 and a beta of 1.09. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FTNT. Cowen cut shares of Fortinet from a "buy" rating to a "hold" rating in a research report on Thursday, August 7th. Evercore ISI lowered their price objective on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating for the company in a research report on Friday, August 8th. Mizuho lowered their price objective on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating for the company in a research report on Thursday, August 7th. Truist Financial lowered their price objective on shares of Fortinet from $125.00 to $95.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Finally, Wedbush lowered their price objective on shares of Fortinet from $120.00 to $100.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $97.03.

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.

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