CCLA Investment Management Sells 76,723 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• CCLA Investment Management has reduced its holdings in Fortinet, Inc. by 5.3%, selling 76,723 shares during the first quarter, leaving it with around 1.37 million shares.
• Fortinet's stock has seen a 2.5% decline, trading recently at approximately $97.36, with analysts maintaining a consensus rating of "Hold" and a target price of $107.00.
• Institutional investors collectively own about 83.71% of Fortinet's stock, indicating strong interest and confidence in the company's performance.

CCLA Investment Management reduced its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 5.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,365,444 shares of the software maker's stock after selling 76,723 shares during the period. Fortinet comprises 2.3% of CCLA Investment Management's holdings, making the stock its 18th largest position. CCLA Investment Management owned about 0.18% of Fortinet worth $131,383,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of FTNT. Eagle Capital Management LLC increased its stake in shares of Fortinet by 1.6% during the fourth quarter. Eagle Capital Management LLC now owns 26,176 shares of the software maker's stock worth $2,473,000 after purchasing an additional 404 shares during the period. Brighton Jones LLC grew its holdings in Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker's stock valued at $976,000 after buying an additional 221 shares in the last quarter. World Investment Advisors acquired a new position in Fortinet in the 4th quarter valued at $294,000. Arete Wealth Advisors LLC lifted its holdings in shares of Fortinet by 22.8% during the fourth quarter. Arete Wealth Advisors LLC now owns 9,570 shares of the software maker's stock worth $904,000 after buying an additional 1,779 shares in the last quarter. Finally, Smith Moore & CO. bought a new stake in shares of Fortinet in the fourth quarter valued at about $235,000. Institutional investors own 83.71% of the company's stock.

Insider Buying and Selling

In other news, Director William H. Neukom purchased 335 shares of the stock in a transaction on Friday, June 6th. The stock was purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director owned 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 17.20% of the stock is owned by insiders.

Analysts Set New Price Targets

FTNT has been the topic of a number of recent research reports. KeyCorp lowered their price target on shares of Fortinet from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Rosenblatt Securities reiterated a "buy" rating and issued a $125.00 price target on shares of Fortinet in a research report on Monday, July 28th. Scotiabank reduced their price target on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research report on Thursday, May 8th. Wolfe Research began coverage on Fortinet in a report on Monday, May 12th. They issued a "peer perform" rating for the company. Finally, DZ Bank upgraded Fortinet from a "strong sell" rating to a "hold" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $107.00.

Fortinet Stock Down 2.5%

Shares of NASDAQ FTNT opened at $97.36 on Friday. Fortinet, Inc. has a 1 year low of $54.57 and a 1 year high of $114.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29. The firm has a market cap of $74.52 billion, a PE ratio of 40.07, a price-to-earnings-growth ratio of 3.36 and a beta of 1.08. The company has a 50 day simple moving average of $103.27 and a 200 day simple moving average of $101.88.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. The company had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a net margin of 30.60% and a return on equity of 148.79%. Fortinet's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.43 earnings per share. On average, research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

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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