Modera Wealth Management LLC Lowers Holdings in Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Modera Wealth Management LLC reduced its stake in Fortinet, Inc. by 2.6% in the first quarter, now holding 99,010 shares valued at approximately $9.53 million.
• Fortinet reported $0.58 EPS for its latest quarter, exceeding analysts' expectations of $0.53, with revenues hitting $1.54 billion which was a 13.8% year-over-year increase.
• Analysts have recently set a consensus price target of $107.00 for Fortinet, with ratings ranging from buy to sell among various investment firms.

Modera Wealth Management LLC lowered its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 2.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 99,010 shares of the software maker's stock after selling 2,608 shares during the quarter. Modera Wealth Management LLC's holdings in Fortinet were worth $9,531,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. SJS Investment Consulting Inc. increased its position 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. Edmond DE Rothschild Holding S.A. bought a new position in Fortinet during the 4th quarter valued at $27,000. ORG Partners LLC lifted its stake in 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 acquiring an additional 112 shares in the last quarter. EQ Wealth Advisors LLC bought a new stake in shares of Fortinet during the 1st quarter worth $35,000. Finally, Wayfinding Financial LLC purchased a new stake in Fortinet in the 1st quarter worth about $36,000. Institutional investors own 83.71% of the company's stock.

Insiders Place Their Bets

In other Fortinet news, Director William H. Neukom bought 335 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the purchase, the director directly owned 301,471 shares in the company, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 17.20% of the stock is currently owned by company insiders.

Fortinet Stock Down 2.5%

Shares of NASDAQ:FTNT traded down $2.54 on Friday, reaching $97.36. The company had a trading volume of 4,708,207 shares, compared to its average volume of 3,701,725. Fortinet, Inc. has a 52-week low of $54.57 and a 52-week high of $114.82. The firm's 50 day simple moving average is $103.27 and its 200-day simple moving average is $101.81. The firm has a market capitalization of $74.52 billion, a PE ratio of 40.07, a PEG ratio of 3.36 and a beta of 1.08. The company has a current ratio of 1.36, a quick ratio of 1.29 and a debt-to-equity ratio of 0.25.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The software maker reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $1.54 billion. During the same period last year, the business posted $0.43 EPS. The business's revenue was up 13.8% compared to the same quarter last year. As a group, analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on FTNT shares. Wells Fargo & Company lifted their target price on Fortinet from $95.00 to $110.00 and gave the company an "equal weight" rating in a report on Monday, July 28th. Scotiabank decreased their target price on Fortinet from $135.00 to $115.00 and set a "sector outperform" rating for the company in a report on Thursday, May 8th. Roth Capital set a $103.00 target price on Fortinet and gave the company a "neutral" rating in a report on Tuesday, April 22nd. Barclays set a $110.00 price target on Fortinet and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Finally, DZ Bank raised Fortinet from a "strong sell" rating to a "hold" rating in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Fortinet has a consensus rating of "Hold" and a consensus price target of $107.00.

Fortinet Company 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.