Generali Asset Management SPA SGR Decreases Holdings in Fortinet, Inc. $FTNT

Key Points

• Generali Asset Management SPA SGR reduced its holdings in Fortinet, Inc. by 14.6% during the second quarter, leaving it with 37,601 shares valued at approximately $3.975 million.
• Multiple institutional investors, including Ritholtz Wealth Management and TD Asset Management Inc, increased their stakes in Fortinet, with TD increasing its position by 19.1%.
• Fortinet's recent earnings report showed $0.64 earnings per share, surpassing analysts' expectations, while revenue remained steady at $1.63 billion.

Generali Asset Management SPA SGR trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 14.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 37,601 shares of the software maker's stock after selling 6,424 shares during the period. Generali Asset Management SPA SGR's holdings in Fortinet were worth $3,975,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Ritholtz Wealth Management boosted its position in Fortinet by 9.2% during the 2nd quarter. Ritholtz Wealth Management now owns 7,417 shares of the software maker's stock worth $784,000 after purchasing an additional 623 shares during the period. Curated Wealth Partners LLC boosted its position in Fortinet by 7.1% during the 2nd quarter. Curated Wealth Partners LLC now owns 8,280 shares of the software maker's stock worth $875,000 after purchasing an additional 549 shares during the period. AEGON ASSET MANAGEMENT UK Plc lifted its holdings in Fortinet by 17.3% in the 2nd quarter. AEGON ASSET MANAGEMENT UK Plc now owns 3,381 shares of the software maker's stock worth $357,000 after buying an additional 498 shares in the last quarter. JGP Wealth Management LLC lifted its holdings in Fortinet by 1.2% in the 2nd quarter. JGP Wealth Management LLC now owns 13,778 shares of the software maker's stock worth $1,457,000 after buying an additional 169 shares in the last quarter. Finally, TD Asset Management Inc lifted its holdings in Fortinet by 19.1% in the 2nd quarter. TD Asset Management Inc now owns 1,202,124 shares of the software maker's stock worth $127,089,000 after buying an additional 193,055 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Ken Xie sold 158,486 shares of the stock in a transaction dated 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 sale, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Xie sold 476,596 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

Fortinet Price Performance

FTNT opened at $83.58 on Thursday. The firm has a market cap of $64.04 billion, a price-to-earnings ratio of 33.30, a price-to-earnings-growth ratio of 3.13 and a beta of 1.09. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The company's 50-day moving average price is $80.91 and its 200 day moving average price is $94.28. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

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

Analyst Ratings Changes

A number of equities analysts have commented on FTNT shares. Rosenblatt Securities reiterated a "neutral" rating and issued a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Stifel Nicolaus cut their price objective on shares of Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a report on Thursday, August 7th. UBS Group cut their price objective on shares of Fortinet from $105.00 to $90.00 and set a "neutral" rating on the stock in a report on Thursday, August 7th. Wall Street Zen lowered shares of Fortinet from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Scotiabank cut their price objective on shares of Fortinet from $115.00 to $85.00 and set a "sector outperform" 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 given a Buy rating, twenty-six have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Fortinet has an average rating of "Hold" and an average target price of $97.03.

About Fortinet

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.