Fortinet, Inc. $FTNT Shares Sold by 111 Capital

Key Points

• 111 Capital reduced its holdings in Fortinet, Inc. by 78.6% during the second quarter, leaving them with 2,155 shares worth approximately $228,000.
• Insider transactions show that Fortinet's VP Michael Xie sold 476,596 shares valued at over $46 million, while CEO Ken Xie sold 158,486 shares worth nearly $15.6 million.
• Wall Street analysts have recently downgraded Fortinet's ratings, with a consensus rating of "Hold" and an average target price of $97.03.

111 Capital cut its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 78.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,155 shares of the software maker's stock after selling 7,934 shares during the period. 111 Capital's holdings in Fortinet were worth $228,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of FTNT. SJS Investment Consulting Inc. increased its holdings in shares of Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares during the period. Saudi Central Bank acquired a new position in shares of Fortinet in the first quarter valued at about $25,000. Clearstead Trust LLC acquired a new position in shares of Fortinet in the first quarter valued at about $28,000. Caitong International Asset Management Co. Ltd increased its holdings in shares of Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after purchasing an additional 284 shares during the period. Finally, ORG Partners LLC increased its holdings in shares of Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after purchasing an additional 112 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of recent research reports. UBS Group lowered their target price on Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Erste Group Bank downgraded Fortinet from a "buy" rating to a "hold" rating in a research note on Thursday, August 14th. Wall Street Zen downgraded Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. TD Cowen restated a "hold" rating and issued a $105.00 target price on shares of Fortinet in a research note on Thursday, August 7th. Finally, Mizuho lowered their target price on Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $97.03.

Insider Activity at Fortinet

In other news, VP Michael Xie sold 476,596 shares of the firm'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 transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ken Xie sold 158,486 shares of the firm'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 owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.00% of the company's stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $84.92 on Wednesday. The company has a market capitalization of $65.07 billion, a P/E ratio of 33.83, a P/E/G ratio of 3.26 and a beta of 1.09. The business's 50 day moving average is $82.58 and its two-hundred day moving average is $94.88. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month 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 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The business's quarterly revenue was up 13.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.57 earnings per share. Analysts expect that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

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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