Jones Financial Companies Lllp Has $8.82 Million Stock Holdings in Fortinet, Inc. $FTNT

Key Points

• Jones Financial Companies Lllp reduced its stake in Fortinet, Inc. by 75.1% in the first quarter, holding 92,499 shares worth approximately $8.82 million.
• Several institutional investors increased their holdings in Fortinet, with Vanguard Group raising its stake by 5.2%, and GAMMA Investing LLC surprisingly boosting its position by 11,349.3%.
• Fortinet's stock faces analyst downgrades, with price targets decreased from as high as $125 to around $90, reflecting a more cautious outlook in the market.

Jones Financial Companies Lllp reduced its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 75.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 92,499 shares of the software maker's stock after selling 278,568 shares during the quarter. Jones Financial Companies Lllp's holdings in Fortinet were worth $8,824,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. raised its stake in Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after purchasing an additional 225 shares during the period. Saudi Central Bank acquired a new position in shares of Fortinet in the first quarter worth $25,000. Clearstead Trust LLC acquired a new position in shares of Fortinet in the first quarter worth $28,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Fortinet by 2,184.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock worth $29,000 after acquiring an additional 284 shares during the last quarter. Finally, ORG Partners LLC increased its stake in shares of Fortinet by 47.5% in the first quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after acquiring an additional 112 shares during the last quarter. 83.71% of the stock is owned by institutional investors and hedge funds.

Fortinet Stock Down 1.5%

NASDAQ:FTNT traded down $1.21 during trading hours on Friday, reaching $79.68. The company's stock had a trading volume of 4,424,982 shares, compared to its average volume of 7,074,259. The company has a market cap of $61.06 billion, a price-to-earnings ratio of 31.75, a price-to-earnings-growth ratio of 3.01 and a beta of 1.13. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The business's 50-day moving average is $89.66 and its 200-day moving average is $96.78. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24.

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 company had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.63 billion. During the same period in the prior year, the company earned $0.57 earnings per share. The business's quarterly revenue was up 13.6% compared to the same quarter last year. Equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 shares of the company's 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 sale, the chief executive officer directly 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 at the SEC website. Also, VP Michael Xie sold 476,596 shares of the company's stock in a transaction dated Monday, August 4th. The shares were 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 of the company's stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of a number of research reports. Mizuho dropped their price target on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a research note on Thursday, August 7th. TD Cowen reaffirmed a "hold" rating and issued a $105.00 price target on shares of Fortinet in a research note on Thursday, August 7th. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $85.00 price target (down from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. BMO Capital Markets dropped their price target on shares of Fortinet from $110.00 to $90.00 and set a "market perform" rating on the stock in a research note on Thursday, August 7th. Finally, KeyCorp cut shares of Fortinet from an "overweight" rating to a "sector weight" rating in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $97.03.

Fortinet Profile

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.