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Jefferies Financial Group Inc. Decreases Position in Fortinet, Inc. (NASDAQ:FTNT)

Fortinet logo with Computer and Technology background

Key Points

  • Jefferies Financial Group Inc. reduced its stake in Fortinet, Inc. by 66.1%, selling 27,565 shares and owning 14,163 shares valued at approximately $1.36 million after the sale.
  • Several institutional investors have increased their positions in Fortinet, including Ritholtz Wealth Management with a 38.4% increase and Wealth Enhancement Advisory Services LLC with a 40.8% boost during the same quarter.
  • Fortinet reported a $0.58 EPS for its most recent quarter, surpassing analyst estimates of $0.53, and showed a 13.8% year-over-year revenue growth, totaling $1.54 billion.
  • Interested in Fortinet? Here are five stocks we like better.

Jefferies Financial Group Inc. decreased its position in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 66.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,163 shares of the software maker's stock after selling 27,565 shares during the period. Jefferies Financial Group Inc.'s holdings in Fortinet were worth $1,363,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Alberta Investment Management Corp acquired a new position in Fortinet during the first quarter worth $4,486,000. HHM Wealth Advisors LLC boosted its position in shares of Fortinet by 3.5% during the 1st quarter. HHM Wealth Advisors LLC now owns 5,560 shares of the software maker's stock worth $535,000 after purchasing an additional 190 shares in the last quarter. Private Advisory Group LLC acquired a new position in shares of Fortinet during the 1st quarter worth $1,159,000. Natixis Advisors LLC increased its holdings in shares of Fortinet by 49.0% in the 1st quarter. Natixis Advisors LLC now owns 301,483 shares of the software maker's stock valued at $29,021,000 after purchasing an additional 99,167 shares in the last quarter. Finally, SSA Swiss Advisors AG acquired a new stake in shares of Fortinet in the first quarter valued at about $3,063,000. 83.71% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP Michael Xie sold 476,596 shares of the firm's stock in a transaction dated 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 directly owned 9,730,560 shares in the company, valued at $958,265,548.80. This trade 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, Director William H. Neukom bought 335 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were purchased at an average price of $104.22 per share, with a total value of $34,913.70. Following the acquisition, the director directly owned 301,471 shares in the company, valued at approximately $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. 18.00% of the stock is currently owned by insiders.

Fortinet Trading Up 0.4%

NASDAQ:FTNT traded up $0.37 during trading hours on Wednesday, reaching $96.58. 8,431,240 shares of the company were exchanged, compared to its average volume of 4,767,261. The firm has a market cap of $73.92 billion, a price-to-earnings ratio of 39.74, a PEG ratio of 3.40 and a beta of 1.07. The stock has a 50 day simple moving average of $103.00 and a 200 day simple moving average of $101.92. Fortinet, Inc. has a 52-week low of $65.00 and a 52-week high of $114.82. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.36 and a quick ratio of 1.29.

Fortinet (NASDAQ:FTNT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.05. Fortinet had a return on equity of 148.79% and a net margin of 30.60%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the company posted $0.43 EPS. The business's quarterly revenue was up 13.8% on a year-over-year basis. As a group, analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FTNT shares. Cantor Fitzgerald upped their target price 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. Morgan Stanley lowered their price target on Fortinet from $123.00 to $105.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Stifel Nicolaus reduced their price objective on Fortinet from $115.00 to $95.00 and set a "hold" rating for the company in a report on Thursday, May 8th. Barclays set a $110.00 target price on Fortinet and gave the company an "equal weight" rating in a report on Monday, July 14th. Finally, Wells Fargo & Company lifted their price target on Fortinet from $95.00 to $110.00 and gave the stock an "equal weight" rating in a research note on Monday, July 28th. One research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $107.00.

Check Out Our Latest Analysis on Fortinet

Fortinet Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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