UNIVEST FINANCIAL Corp Decreases Stock Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• UNIVEST FINANCIAL Corp reduced its stake in Fortinet, Inc. by 25.3%, owning 54,779 shares worth approximately $5.27 million after selling 18,560 shares during the 1st quarter.
• Several hedge funds, including Ritholtz Wealth Management and Wealth Enhancement Advisory Services, have increased their holdings in Fortinet, highlighting interest from institutional investors who own 83.71% of the company's stock.
• Fortinet's stock recently traded at $99.90 with a market cap of $76.47 billion and reported earnings of $0.58 EPS, surpassing analysts' expectations.

UNIVEST FINANCIAL Corp cut its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 25.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 54,779 shares of the software maker's stock after selling 18,560 shares during the quarter. UNIVEST FINANCIAL Corp's holdings in Fortinet were worth $5,273,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in FTNT. Ritholtz Wealth Management grew its holdings in shares of Fortinet by 38.4% in the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker's stock worth $654,000 after purchasing an additional 1,885 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new position in shares of Fortinet in the first quarter worth approximately $216,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Fortinet by 40.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 131,411 shares of the software maker's stock worth $12,650,000 after purchasing an additional 38,080 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Fortinet by 14.9% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 124,501 shares of the software maker's stock worth $11,763,000 after purchasing an additional 16,139 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Fortinet by 18.9% in the first quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker's stock worth $1,928,000 after purchasing an additional 3,189 shares during the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director William H. Neukom purchased 335 shares of the stock in a transaction dated Friday, June 6th. The stock was purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the transaction, the director directly owned 301,471 shares in the company, valued at $31,419,307.62. This trade represents a 0.11% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 17.20% of the stock is currently owned by corporate insiders.

Fortinet Stock Down 2.5%

Shares of FTNT traded down $2.54 during trading hours on Friday, hitting $97.36. The company had a trading volume of 4,708,207 shares, compared to its average volume of 3,701,725. The firm has a fifty day moving average price of $103.27 and a 200-day moving average price of $101.88. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.29 and a current ratio of 1.36. The stock has a market capitalization of $74.52 billion, a price-to-earnings ratio of 40.07, a P/E/G ratio of 3.36 and a beta of 1.08. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.05. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. Fortinet's quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.43 EPS. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms recently weighed in on FTNT. BMO Capital Markets cut their price target on shares of Fortinet from $122.00 to $110.00 and set a "market perform" rating on the stock in a report on Thursday, May 8th. Wall Street Zen upgraded shares of Fortinet from a "hold" rating to a "buy" rating in a report on Saturday, July 12th. Barclays set a $110.00 price target on shares of Fortinet and gave the company an "equal weight" rating in a report on Monday, July 14th. Scotiabank cut their price target on shares of Fortinet from $135.00 to $115.00 and set a "sector outperform" rating on the stock in a report on Thursday, May 8th. Finally, DZ Bank upgraded shares of Fortinet from a "strong sell" rating to a "hold" rating in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $107.00.

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.