Interchange Capital Partners LLC Sells 4,959 Shares of Fortinet, Inc. $FTNT

Key Points

• Interchange Capital Partners LLC significantly reduced its stake in Fortinet, Inc., selling 4,959 shares which resulted in a 92.4% decrease in their holdings to just 410 shares valued at $43,000.
• Several other institutional investors have increased their positions in Fortinet during the same quarter, with increases ranging from 7.1% to 19.1%, indicating ongoing interest from the investment community.
• Fortinet recently reported $0.64 EPS for the last quarter, exceeding estimates, and saw a 13.6% year-over-year revenue growth to $1.63 billion, showcasing strong financial performance despite some price target adjustments by analysts.

Interchange Capital Partners LLC lessened its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 92.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 410 shares of the software maker's stock after selling 4,959 shares during the quarter. Interchange Capital Partners LLC's holdings in Fortinet were worth $43,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Ritholtz Wealth Management lifted its position in shares of Fortinet by 9.2% in the second quarter. Ritholtz Wealth Management now owns 7,417 shares of the software maker's stock worth $784,000 after purchasing an additional 623 shares in the last quarter. Curated Wealth Partners LLC lifted its position in shares of Fortinet by 7.1% in the second 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 in the last quarter. AEGON ASSET MANAGEMENT UK Plc lifted its position in shares of Fortinet by 17.3% in the second quarter. AEGON ASSET MANAGEMENT UK Plc now owns 3,381 shares of the software maker's stock worth $357,000 after purchasing an additional 498 shares in the last quarter. JGP Wealth Management LLC lifted its position in shares of Fortinet by 1.2% in the second quarter. JGP Wealth Management LLC now owns 13,778 shares of the software maker's stock worth $1,457,000 after purchasing an additional 169 shares in the last quarter. Finally, TD Asset Management Inc lifted its position in shares of Fortinet by 19.1% in the second quarter. TD Asset Management Inc now owns 1,202,124 shares of the software maker's stock worth $127,089,000 after purchasing an additional 193,055 shares in the last quarter. Institutional investors own 83.71% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FTNT. Weiss Ratings reissued a "hold (c+)" rating on shares of Fortinet in a research report on Wednesday, October 8th. JPMorgan Chase & Co. cut their price objective on shares of Fortinet from $105.00 to $87.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. Rosenblatt Securities reaffirmed a "neutral" rating and set a $85.00 price target (down from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. Cantor Fitzgerald upped their price target on shares of Fortinet from $100.00 to $110.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Finally, DZ Bank raised shares of Fortinet from a "hold" rating to a "buy" rating and set a $85.00 price target on the stock in a research report on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Fortinet has an average rating of "Hold" and a consensus target price of $97.03.

Insider Activity

In other news, VP Michael Xie sold 476,596 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 value of $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by corporate insiders.

Fortinet Stock Performance

NASDAQ FTNT opened at $83.58 on Thursday. 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 firm's fifty day moving average price is $80.91 and its two-hundred day moving average price is $94.28. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The firm has a market capitalization of $64.04 billion, a P/E ratio of 33.30, a price-to-earnings-growth ratio of 3.13 and a beta of 1.09.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05. The company 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%. The company's revenue was up 13.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.57 earnings per share. As a group, research analysts anticipate that Fortinet, Inc. will post 2.09 EPS 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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