Cresset Asset Management LLC Sells 4,228 Shares of Fortinet, Inc. $FTNT

Cresset Asset Management LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 17.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,450 shares of the software maker's stock after selling 4,228 shares during the quarter. Cresset Asset Management LLC's holdings in Fortinet were worth $1,969,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Fortinet by 11,349.3% during the first quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker's stock valued at $185,551,000 after purchasing an additional 1,910,771 shares in the last quarter. Nuveen LLC bought a new position in shares of Fortinet during the first quarter valued at $153,576,000. Northern Trust Corp lifted its holdings in shares of Fortinet by 17.2% during the fourth quarter. Northern Trust Corp now owns 6,470,320 shares of the software maker's stock valued at $611,316,000 after purchasing an additional 951,233 shares in the last quarter. Finally, AustralianSuper Pty Ltd lifted its holdings in shares of Fortinet by 127.6% during the first quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker's stock valued at $144,038,000 after purchasing an additional 839,028 shares in the last quarter. 83.71% of the stock is owned by institutional investors.

Fortinet Stock Down 3.3%

FTNT stock opened at $78.09 on Wednesday. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The business's 50-day moving average is $98.33 and its two-hundred day moving average is $100.62. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The company has a market cap of $59.84 billion, a price-to-earnings ratio of 31.11, a P/E/G ratio of 3.06 and a beta of 1.07.

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

Insider Transactions at Fortinet

In related news, Director William H. Neukom acquired 335 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the purchase, the director directly owned 301,471 shares of the company's stock, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the firm's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This trade represents 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.

Analyst Ratings Changes

A number of research analysts have recently issued reports on FTNT shares. Wall Street Zen downgraded Fortinet from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. JPMorgan Chase & Co. lowered their price target on Fortinet from $105.00 to $87.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. UBS Group lowered their price target on Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Barclays lowered their price target on Fortinet from $110.00 to $90.00 and set an "equal weight" rating on the stock in a report on Thursday, August 7th. Finally, Mizuho lowered their price target on Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $97.40.

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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