Fortinet, Inc. $FTNT Holdings Trimmed by Woodstock Corp

Key Points

• Woodstock Corp reduced its holdings in Fortinet, Inc. by 6.0%, resulting in ownership of 267,469 shares valued at approximately $28.3 million.
• Various institutional investors have adjusted their positions, with Geneos Wealth Management increasing its stake by 40.7% during the first quarter.
• Analysts have lowered price targets for Fortinet, with estimates now ranging from $85.00 to $100.00, reflecting a shift in market sentiment towards the stock.

Woodstock Corp lowered its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 6.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 267,469 shares of the software maker's stock after selling 17,136 shares during the period. Fortinet comprises approximately 2.6% of Woodstock Corp's holdings, making the stock its 7th largest holding. Woodstock Corp's holdings in Fortinet were worth $28,277,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Geneos Wealth Management Inc. increased its stake in shares of Fortinet by 40.7% during the first quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker's stock valued at $7,045,000 after buying an additional 21,177 shares during the period. Ritholtz Wealth Management increased its stake in shares of Fortinet by 38.4% during the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock valued at $654,000 after buying an additional 1,885 shares during the period. Gould Capital LLC purchased a new position in shares of Fortinet during the first quarter valued at $908,000. Dynamic Advisor Solutions LLC purchased a new position in shares of Fortinet during the first quarter valued at $216,000. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Fortinet by 40.8% during 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 buying an additional 38,080 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Wedbush dropped their price objective on Fortinet from $120.00 to $100.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Barclays dropped their price objective on Fortinet from $110.00 to $90.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 7th. Rosenblatt Securities reaffirmed a "neutral" rating and set a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. UBS Group dropped their price objective on Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Finally, Wall Street Zen downgraded Fortinet from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Fortinet has a consensus rating of "Hold" and a consensus price target of $97.03.

Insider Activity at Fortinet

In other news, 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 value of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the chief executive officer owned 51,391,879 shares of the company's stock, valued at $5,061,072,243.92. This trade represents a 0.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is currently owned by company insiders.

Fortinet Price Performance

Shares of NASDAQ FTNT opened at $81.00 on Tuesday. 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 $62.07 billion, a PE ratio of 32.27, a P/E/G ratio of 3.01 and a beta of 1.12. The business has a 50-day simple moving average of $89.15 and a two-hundred day simple moving average of $96.59. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping 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 firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the company posted $0.57 earnings per share. The company's revenue was up 13.6% compared to the same quarter last year. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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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