Financial Advisors Network Inc. Cuts Stock Holdings in Fortinet, Inc. $FTNT

Key Points

• Financial Advisors Network Inc. reduced its holdings in Fortinet, Inc. by 46.2%, now owning 53,134 shares valued at approximately $5.1 million.
• Fortinet's stock price increased by 2.4%, with a market capitalization of $60.62 billion and a P/E ratio of 31.52.
• Several analysts downgraded their price targets for Fortinet, with Royal Bank of Canada lowering its target from $110 to $95, rating it as "sector perform."

Financial Advisors Network Inc. cut its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 46.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,134 shares of the software maker's stock after selling 45,594 shares during the quarter. Fortinet accounts for 0.8% of Financial Advisors Network Inc.'s portfolio, making the stock its 27th biggest holding. Financial Advisors Network Inc.'s holdings in Fortinet were worth $5,115,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. SJS Investment Consulting Inc. boosted its stake in shares of Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after purchasing an additional 225 shares during the last quarter. Clearstead Trust LLC purchased a new position in shares of Fortinet during the first quarter valued at approximately $28,000. Caitong International Asset Management Co. Ltd boosted its position in Fortinet by 2,184.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock worth $29,000 after acquiring an additional 284 shares during the last quarter. ORG Partners LLC boosted its position in Fortinet by 47.5% during the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares during the last quarter. Finally, EQ Wealth Advisors LLC purchased a new stake in Fortinet in the 1st quarter worth approximately $35,000. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Stock Up 2.4%

Shares of Fortinet stock opened at $79.11 on Monday. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The stock has a 50 day moving average price of $99.22 and a two-hundred day moving average price of $100.91. The stock has a market capitalization of $60.62 billion, a P/E ratio of 31.52, a PEG ratio of 3.00 and a beta of 1.07.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. Fortinet's quarterly revenue was up 13.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.57 EPS. Equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have commented on FTNT shares. Royal Bank Of Canada lowered their price target on Fortinet from $110.00 to $95.00 and set a "sector perform" rating for the company in a report on Thursday, August 7th. Truist Financial lowered their target price on shares of Fortinet from $125.00 to $95.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Scotiabank cut their price target on shares of Fortinet from $115.00 to $85.00 and set a "sector outperform" rating on the stock in a research note on Thursday, August 7th. BMO Capital Markets decreased their price target on shares of Fortinet from $110.00 to $90.00 and set a "market perform" rating on the stock in a report on Thursday, August 7th. Finally, Cantor Fitzgerald upped their price objective on Fortinet from $100.00 to $110.00 and gave the stock a "neutral" rating in a report on Wednesday, July 16th. Two research analysts have rated the stock with a sell rating, twenty-six have issued a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $97.93.

Insiders Place Their Bets

In other news, Director William H. Neukom acquired 335 shares of the company's stock in a transaction dated Friday, June 6th. The stock was bought at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the acquisition, the director owned 301,471 shares in the company, valued at approximately $31,419,307.62. This represents a 0.11% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction that occurred on Monday, August 4th. The shares were 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 $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.00% of the company's stock.

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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