Gradient Investments LLC Sells 4,613 Shares of Fortinet, Inc. $FTNT

Key Points

• Gradient Investments LLC has reduced its stake in Fortinet, Inc. by 17.6%, holding 21,657 shares worth approximately $2.29 million after selling 4,613 shares.
• Institutional investors currently own 83.71% of Fortinet's stock, with significant increases in holdings from firms like Vanguard Group (+5.2%) and GAMMA Investing (+11,349.3%).
• Analyst ratings for Fortinet have varied, with the consensus being a Hold and an average target price of $97.03, following multiple price target reductions from various analysts.

Gradient Investments LLC reduced its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 17.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,657 shares of the software maker's stock after selling 4,613 shares during the period. Gradient Investments LLC's holdings in Fortinet were worth $2,290,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of FTNT. Vanguard Group Inc. grew its stake in shares of Fortinet by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares during the period. GAMMA Investing LLC grew its stake in shares of Fortinet by 11,349.3% in the 1st quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker's stock valued at $185,551,000 after purchasing an additional 1,910,771 shares during the period. AQR Capital Management LLC grew its stake in shares of Fortinet by 40.9% in the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker's stock valued at $561,156,000 after purchasing an additional 1,733,670 shares during the period. Nuveen LLC bought a new stake in shares of Fortinet in the 1st quarter valued at approximately $153,576,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Fortinet by 17.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker's stock valued at $675,405,000 after purchasing an additional 1,026,277 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. decreased their price target on Fortinet from $105.00 to $87.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Barclays decreased their price target on Fortinet from $110.00 to $90.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 7th. Mizuho decreased their price target on Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a research report on Thursday, August 7th. Truist Financial decreased their price target on Fortinet from $125.00 to $95.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada decreased their price target on Fortinet from $110.00 to $95.00 and set a "sector perform" rating on the stock in a research report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given 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 presently has a consensus rating of "Hold" and an average target price of $97.03.

Insiders Place Their Bets

In other news, VP Michael Xie sold 476,596 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. This represents a 4.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.00% of the company's stock.

Fortinet Stock Up 1.7%

Shares of FTNT opened at $81.00 on Tuesday. The business's fifty day moving average price is $89.15 and its two-hundred day moving average price is $96.59. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The firm has a market capitalization of $62.07 billion, a price-to-earnings ratio of 32.27, a PEG ratio of 3.01 and a beta of 1.13. Fortinet, Inc. has a 52 week low of $70.12 and a 52 week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. The company had revenue of $1.63 billion for 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 firm's quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.57 EPS. On average, analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.

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