Fortinet, Inc. $FTNT Shares Sold by Cookson Peirce & Co. Inc.

Key Points

• Cookson Peirce & Co. Inc. has reduced its position in Fortinet, Inc. by 7.1%, now holding 155,685 shares valued at approximately $16.46 million.
• Recent analyst reports on Fortinet show a mix of ratings, with JP Morgan lowering their target price from $105 to $87 and a consensus rating of "Hold" across multiple research firms.
• Fortinet reported $0.64 earnings per share for its latest quarter, surpassing analyst estimates and revealing a revenue increase of 13.6% year-over-year.

Cookson Peirce & Co. Inc. lessened its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 7.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 155,685 shares of the software maker's stock after selling 11,857 shares during the quarter. Cookson Peirce & Co. Inc.'s holdings in Fortinet were worth $16,459,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in FTNT. Saudi Central Bank purchased a new stake in Fortinet in the 1st quarter worth approximately $25,000. Clearstead Trust LLC bought a new position in shares of Fortinet during the 1st quarter valued at $28,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Fortinet by 2,184.6% during the 1st 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 in the last quarter. Wayfinding Financial LLC bought a new position in shares of Fortinet during the 1st quarter valued at $36,000. Finally, Mechanics Financial Corp acquired a new position in Fortinet in the 1st quarter valued at $36,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FTNT. Weiss Ratings reiterated a "hold (c+)" rating on shares of Fortinet in a research note on Wednesday, October 8th. JPMorgan Chase & Co. lowered their target price on shares of Fortinet from $105.00 to $87.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Wall Street Zen lowered shares of Fortinet from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Citigroup lowered shares of Fortinet from a "neutral" rating to a "mixed" rating in a research report on Monday. Finally, Wells Fargo & Company reduced their price objective on shares of Fortinet from $110.00 to $85.00 and set an "equal weight" rating for the company in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $97.03.

Fortinet Trading Down 0.1%

Shares of NASDAQ FTNT opened at $84.78 on Wednesday. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The company has a market cap of $64.96 billion, a PE ratio of 33.78, a P/E/G ratio of 3.20 and a beta of 1.09. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company has a 50-day moving average of $81.58 and a two-hundred day moving average of $94.04.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.05. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the firm posted $0.57 earnings per share. The company's revenue was up 13.6% on a year-over-year basis. As a group, equities analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Fortinet

In other news, 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 sale, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The sale 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 transaction of $15,607,701.28. Following the transaction, the chief executive officer owned 51,391,879 shares of the company's stock, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 18.00% of the stock is owned by insiders.

Fortinet Company 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.

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.