Guggenheim Capital LLC Has $41.36 Million Stock Holdings in Fortinet, Inc. $FTNT

Key Points

• Guggenheim Capital LLC has reduced its stake in Fortinet, Inc. by 13.0%, holding approximately 429,645 shares valued at about $41.36 million after selling 64,102 shares.
• Multiple hedge funds have adjusted their positions in Fortinet, with Vanguard Group Inc. increasing its holdings by 5.2%, bringing its total to over $6.89 billion.
• Analysts have lowered price targets for Fortinet, with Stifel Nicolaus setting a target of $85.00, while Morgan Stanley decreased theirs to $78.00 and downgraded the stock rating from "overweight" to "reduce."

Guggenheim Capital LLC reduced its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 13.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 429,645 shares of the software maker's stock after selling 64,102 shares during the quarter. Guggenheim Capital LLC owned approximately 0.06% of Fortinet worth $41,358,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. SJS Investment Consulting Inc. lifted its holdings in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after acquiring an additional 225 shares during the period. Clearstead Trust LLC bought a new stake in Fortinet during the first quarter worth $28,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after buying an additional 284 shares during the last quarter. ORG Partners LLC lifted its position in shares of Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock valued at $34,000 after buying an additional 112 shares during the last quarter. Finally, EQ Wealth Advisors LLC purchased a new position in shares of Fortinet during the 1st quarter valued at $35,000. 83.71% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Wedbush dropped their price target on Fortinet from $120.00 to $100.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Evercore ISI dropped their price target on Fortinet from $105.00 to $78.00 and set an "in-line" rating on the stock in a research report on Friday, August 8th. Rosenblatt Securities reissued a "neutral" rating and set a $85.00 price objective (down previously from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Erste Group Bank cut Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 14th. Finally, Cowen cut Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 7th. Two 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $97.40.

Fortinet Trading Down 0.7%

Shares of FTNT stock traded down $0.52 during trading hours on Friday, reaching $78.77. 4,456,207 shares of the stock traded hands, compared to its average volume of 11,639,722. Fortinet, Inc. has a 1-year low of $70.12 and a 1-year high of $114.82. The business has a fifty day moving average price of $94.69 and a 200 day moving average price of $99.10. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $60.36 billion, a PE ratio of 31.38, a PEG ratio of 2.98 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. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business earned $0.57 earnings per share. The firm's revenue was up 13.6% compared to the same quarter last year. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity

In other news, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction that occurred on 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. The trade was a 0.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William H. Neukom purchased 335 shares of the business's stock in a transaction dated Friday, June 6th. The shares were purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director directly 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 disclosure for this purchase can be found here. 17.20% of the stock is owned by company insiders.

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.