FCG Investment Co Sells 11,528 Shares of Fortinet, Inc. $FTNT

Key Points

• FCG Investment Co significantly reduced its stake in Fortinet, Inc., selling 11,528 shares and decreasing its holdings by 45.1%, leaving it with 14,044 shares valued at approximately $1.485 million.
• Several hedge funds increased their positions in Fortinet during the first quarter, with Geneos Wealth Management increasing its holdings by 40.7% and Wealth Enhancement Advisory Services growing theirs by 40.8%.
• Analysts have mixed views on Fortinet, with target prices for the stock ranging from $75 to $90, while the company currently has an average rating of "Hold" and an average target price of $97.03.

FCG Investment Co decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 45.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,044 shares of the software maker's stock after selling 11,528 shares during the quarter. FCG Investment Co's holdings in Fortinet were worth $1,485,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Geneos Wealth Management Inc. grew its holdings in shares of Fortinet by 40.7% in the first quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker's stock valued at $7,045,000 after acquiring an additional 21,177 shares in the last quarter. Ritholtz Wealth Management grew its holdings in shares of Fortinet by 38.4% in the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after acquiring an additional 1,885 shares in the last quarter. Gould Capital LLC bought a new position in shares of Fortinet in the first quarter valued at approximately $908,000. Dynamic Advisor Solutions LLC bought a new position in shares of Fortinet in the first quarter valued at approximately $216,000. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Fortinet by 40.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock valued at $12,650,000 after acquiring an additional 38,080 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on FTNT shares. Barclays reduced their target price on Fortinet from $110.00 to $90.00 and set an "equal weight" rating for the company in a report on Thursday, August 7th. Cowen cut shares of Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 7th. DZ Bank raised shares of Fortinet from a "hold" rating to a "buy" rating and set a $85.00 target price on the stock in a report on Friday, August 8th. Evercore ISI decreased their price target on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating on the stock in a report on Friday, August 8th. Finally, Mizuho decreased their price target on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $97.03.

Fortinet Stock Down 0.5%

NASDAQ FTNT opened at $83.21 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The stock has a market capitalization of $63.76 billion, a PE ratio of 33.15, a PEG ratio of 3.16 and a beta of 1.12. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The business's 50-day moving average is $85.78 and its 200 day moving average is $95.56.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts' expectations of $1.63 billion. During the same period last year, the firm earned $0.57 earnings per share. Fortinet's quarterly revenue was up 13.6% on a year-over-year basis. Sell-side analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction that occurred on Monday, August 4th. The shares were 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. The trade was a 0.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Michael Xie sold 476,596 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the vice president owned 9,730,560 shares of the company's stock, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 17.20% of the company's stock.

Fortinet 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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