Jump Financial LLC Sells 46,345 Shares of Fortinet, Inc. $FTNT

Key Points

• Jump Financial LLC reduced its stake in Fortinet, Inc. by 27.3% during the first quarter, now holding 123,622 shares worth approximately $11.9 million.
• Fortinet reported a 13.6% year-over-year increase in revenue, with earnings per share of $0.64, surpassing analyst estimates.
• Analysts have mixed ratings on Fortinet, with a consensus rating of "Hold" and a target price averaging $97.40, down from previous estimates.

Jump Financial LLC trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 27.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,622 shares of the software maker's stock after selling 46,345 shares during the period. Jump Financial LLC's holdings in Fortinet were worth $11,900,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Hemington Wealth Management raised its holdings in shares of Fortinet by 16.6% during the first quarter. Hemington Wealth Management now owns 752 shares of the software maker's stock worth $72,000 after acquiring an additional 107 shares in the last quarter. Citizens Financial Group Inc. RI raised its holdings in shares of Fortinet by 0.9% during the first quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker's stock worth $1,187,000 after acquiring an additional 107 shares in the last quarter. Eagle Capital Management LLC raised its holdings in shares of Fortinet by 0.4% during the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock worth $2,530,000 after acquiring an additional 109 shares in the last quarter. ORG Partners LLC grew its position in Fortinet by 47.5% in 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 in the last quarter. Finally, Bogart Wealth LLC grew its position in Fortinet by 37.3% in the first quarter. Bogart Wealth LLC now owns 412 shares of the software maker's stock worth $40,000 after acquiring an additional 112 shares in the last quarter. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Fortinet Stock Performance

FTNT stock traded down $2.38 during trading on Monday, reaching $77.64. 7,261,582 shares of the stock were exchanged, compared to its average volume of 11,189,230. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The company has a market capitalization of $59.49 billion, a P/E ratio of 30.93, a price-to-earnings-growth ratio of 3.03 and a beta of 1.07. The stock has a 50 day simple moving average of $96.50 and a 200-day simple moving average of $99.88. 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 (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, 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 business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the business earned $0.57 earnings per share. The firm's revenue for the quarter was up 13.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on FTNT. Wells Fargo & Company decreased their target price on shares of Fortinet from $110.00 to $85.00 and set an "equal weight" rating for the company in a research report on Thursday, August 7th. KeyCorp lowered Fortinet from an "overweight" rating to a "sector weight" rating in a report on Thursday, August 7th. Robert W. Baird raised their target price on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Citigroup restated a "neutral" rating and set a $85.00 target price (down from $110.00) on shares of Fortinet in a report on Monday, August 18th. Finally, Truist Financial cut their target price on Fortinet from $125.00 to $95.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $97.40.

Insider Buying and Selling

In related news, Director William H. Neukom acquired 335 shares of the firm's stock in a transaction on Friday, June 6th. The shares were bought at an average cost 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 of the company's stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 158,486 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 value of $15,607,701.28. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is owned by company insiders.

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.