Empower Advisory Group LLC Cuts Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Empower Advisory Group LLC reduced its stake in Fortinet, Inc. by 0.4%, owning approximately 1,018,608 shares valued at $98 million after selling 3,775 shares in the 1st quarter.
• Several hedge funds have increased their holdings in Fortinet, including Invesco Ltd. with a 31.3% increase and FMR LLC with a 77.2% increase during the previous quarter.
• Fortinet reported $1.54 billion in revenue for its last quarter, up 13.8% year-over-year, with an earnings per share (EPS) of $0.58, beating estimates.

Empower Advisory Group LLC lowered its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 0.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,018,608 shares of the software maker's stock after selling 3,775 shares during the quarter. Empower Advisory Group LLC owned approximately 0.13% of Fortinet worth $98,051,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Invesco Ltd. raised its stake in Fortinet by 31.3% in the fourth quarter. Invesco Ltd. now owns 8,388,693 shares of the software maker's stock worth $792,564,000 after buying an additional 2,000,888 shares in the last quarter. FMR LLC increased its holdings in shares of Fortinet by 77.2% in the 4th quarter. FMR LLC now owns 6,531,705 shares of the software maker's stock valued at $617,115,000 after acquiring an additional 2,846,475 shares during the period. Northern Trust Corp increased its holdings in shares of Fortinet by 17.2% in the 4th quarter. Northern Trust Corp now owns 6,470,320 shares of the software maker's stock valued at $611,316,000 after acquiring an additional 951,233 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Fortinet by 3.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,990,190 shares of the software maker's stock worth $565,953,000 after acquiring an additional 202,259 shares in the last quarter. Finally, Bessemer Group Inc. lifted its stake in shares of Fortinet by 72.6% during the 4th quarter. Bessemer Group Inc. now owns 4,906,439 shares of the software maker's stock worth $463,561,000 after purchasing an additional 2,064,016 shares during the last quarter. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Buying and Selling

In other news, Director William H. Neukom bought 335 shares of the business's stock in a transaction dated Friday, June 6th. The stock was purchased at an average cost of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director directly 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 acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 18.00% of the company's stock.

Fortinet Price Performance

NASDAQ:FTNT opened at $98.55 on Tuesday. The firm's fifty day moving average is $103.17 and its two-hundred day moving average is $101.96. The firm has a market cap of $75.43 billion, a price-to-earnings ratio of 40.56, a PEG ratio of 3.36 and a beta of 1.07. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. Fortinet, Inc. has a one year low of $54.57 and a one year high of $114.82.

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 (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.05. The business had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The company'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 EPS. Research analysts expect that Fortinet, Inc. will post 2.09 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. BMO Capital Markets cut their target price on Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a research note on Thursday, May 8th. Wells Fargo & Company raised their price target on shares of Fortinet from $95.00 to $110.00 and gave the company an "equal weight" rating in a report on Monday, July 28th. Scotiabank cut their price objective on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a research report on Thursday, May 8th. Robert W. Baird increased their target price on shares of Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Finally, Royal Bank Of Canada lowered their target price on shares of Fortinet from $110.00 to $105.00 and set a "sector perform" rating for the company in a research note on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have issued a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $107.00.

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.

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