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Oak Ridge Investments LLC Sells 54,055 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Fortinet logo with Computer and Technology background

Key Points

  • Oak Ridge Investments LLC has reduced its stake in Fortinet, Inc. (NASDAQ:FTNT) by 42.1%, selling 54,055 shares, bringing its total holdings to 74,198 shares valued at approximately $7.14 million.
  • Fortinet's quarterly earnings showed an EPS of $0.64, surpassing analysts' expectations of $0.59, with revenue of $1.63 billion reflecting a 13.6% year-over-year growth.
  • Institutional investors now own 83.71% of Fortinet's stock, highlighting significant confidence among large finance entities in the company's future.
  • Looking to export and analyze Fortinet data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Oak Ridge Investments LLC lowered its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 42.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 74,198 shares of the software maker's stock after selling 54,055 shares during the period. Oak Ridge Investments LLC's holdings in Fortinet were worth $7,142,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. SJS Investment Consulting Inc. boosted its holdings in 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 acquiring an additional 225 shares in the last quarter. Clearstead Trust LLC bought a new stake in Fortinet in the first quarter valued at $28,000. Caitong International Asset Management Co. Ltd boosted its holdings in 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 acquiring an additional 284 shares in the last quarter. ORG Partners LLC boosted its holdings in 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 acquiring an additional 112 shares in the last quarter. Finally, EQ Wealth Advisors LLC bought a new stake in Fortinet in the first quarter valued at $35,000. Institutional investors own 83.71% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FTNT. Royal Bank Of Canada cut their price target on shares of Fortinet from $110.00 to $95.00 and set a "sector perform" rating on the stock in a report on Thursday, August 7th. Robert W. Baird raised their price objective on Fortinet from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Rosenblatt Securities reissued 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. Wolfe Research initiated coverage on Fortinet in a research report on Monday, May 12th. They set a "peer perform" rating for the company. Finally, Cantor Fitzgerald raised their price objective on Fortinet from $100.00 to $110.00 and gave the company a "neutral" rating in a research report on Wednesday, July 16th. Two research analysts have rated the stock with a sell rating, twenty-six have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $97.93.

Check Out Our Latest Stock Analysis on Fortinet

Fortinet Stock Performance

NASDAQ:FTNT traded up $1.86 during mid-day trading on Friday, reaching $79.11. The company's stock had a trading volume of 10,860,686 shares, compared to its average volume of 8,724,086. Fortinet, Inc. has a 12-month low of $70.12 and a 12-month high of $114.82. The firm's fifty day moving average price is $99.22 and its two-hundred day moving average price is $100.90. 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 stock has a market cap of $60.62 billion, a P/E ratio of 31.52, a PEG ratio of 2.93 and a beta of 1.07.

Fortinet (NASDAQ:FTNT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 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 period in the previous year, the company posted $0.57 EPS. On average, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William H. Neukom purchased 335 shares of the business's stock in a transaction on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the completion of the purchase, the director owned 301,471 shares in the company, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 17.20% of the company's stock.

About Fortinet

(Free Report)

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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