Corebridge Financial Inc. Cuts Position in Fortinet, Inc. $FTNT

Key Points

• Corebridge Financial Inc. has reduced its stake in Fortinet, Inc. by 1.8%, selling 3,871 shares and bringing its total holdings to 217,289 shares valued at approximately $20.9 million.
• Fortinet reported a quarterly EPS of $0.64, exceeding the consensus estimate of $0.59, with a revenue of $1.63 billion, marking a 13.6% year-over-year increase.
• Several analysts downgraded Fortinet's stock rating and adjusted price targets, with Mizuho reducing its target from $87 to $75 and Morgan Stanley cutting their rating from "overweight" to "reduce" with a target of $78.

Corebridge Financial Inc. lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 217,289 shares of the software maker's stock after selling 3,871 shares during the period. Corebridge Financial Inc.'s holdings in Fortinet were worth $20,916,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Hemington Wealth Management boosted its holdings in Fortinet by 16.6% in the first quarter. Hemington Wealth Management now owns 752 shares of the software maker's stock worth $72,000 after purchasing an additional 107 shares during the period. Citizens Financial Group Inc. RI boosted its holdings in shares of Fortinet by 0.9% during the first quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker's stock valued at $1,187,000 after acquiring an additional 107 shares during the period. Eagle Capital Management LLC boosted its holdings in shares of Fortinet by 0.4% during the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock valued at $2,530,000 after acquiring an additional 109 shares during the period. ORG Partners LLC boosted its holdings in shares of Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after acquiring an additional 112 shares during the period. Finally, Bogart Wealth LLC boosted its holdings in shares of Fortinet by 37.3% during the first quarter. Bogart Wealth LLC now owns 412 shares of the software maker's stock valued at $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 Price Performance

Shares of Fortinet stock opened at $77.64 on Tuesday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company's 50-day moving average price is $96.50 and its two-hundred day moving average price is $99.88. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82. The stock has a market cap of $59.49 billion, a PE ratio of 30.93, a price-to-earnings-growth ratio of 3.03 and a beta of 1.07.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS 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 for the quarter, compared to analysts' expectations of $1.63 billion. During the same period in the previous year, the business earned $0.57 earnings per share. Fortinet's revenue for the quarter was up 13.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FTNT shares. Mizuho reduced their price target on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating for the company in a report on Thursday, August 7th. Wall Street Zen downgraded shares of Fortinet from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Wedbush cut their price objective on shares of Fortinet from $120.00 to $100.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Morgan Stanley cut shares of Fortinet from an "overweight" rating to a "reduce" rating and cut their price objective for the company from $110.00 to $78.00 in a research note on Thursday, August 7th. Finally, Cowen cut shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $97.40.

Insiders Place Their Bets

In other Fortinet news, VP Michael Xie sold 476,596 shares of the business's stock in a transaction dated 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 approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William H. Neukom acquired 335 shares of the business's stock in a transaction on Friday, June 6th. The shares were bought 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 approximately $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 17.20% of the company's stock.

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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