Norden Group LLC Reduces Holdings in Fortinet, Inc. $FTNT

Key Points

• Norden Group LLC significantly reduced its holdings in Fortinet, Inc. by 91% in the second quarter, owning only 4,081 shares after selling 41,107 shares during that period.
• Fortinet reported earnings of $0.64 per share, exceeding analyst estimates, while revenue grew by 13.6% year-over-year, totaling $1.63 billion.
• Several analysts have downgraded Fortinet's stock rating and lowered price targets, with Mizuho cuttings its price objective from $87 to $75, indicating a shift in market sentiment.

Norden Group LLC trimmed its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 91.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,081 shares of the software maker's stock after selling 41,107 shares during the quarter. Norden Group LLC's holdings in Fortinet were worth $431,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Saudi Central Bank purchased a new stake in shares of Fortinet during the first quarter valued at $25,000. SJS Investment Consulting Inc. raised its holdings in Fortinet by 703.1% in the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock worth $25,000 after purchasing an additional 225 shares in the last quarter. Clearstead Trust LLC bought a new position in Fortinet in the first quarter worth about $28,000. Caitong International Asset Management Co. Ltd raised its holdings in 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 purchasing an additional 284 shares in the last quarter. Finally, ORG Partners LLC raised its holdings in 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 purchasing an additional 112 shares in the last quarter. 83.71% of the stock is owned by hedge funds and other institutional investors.

Fortinet Trading Up 1.3%

Shares of NASDAQ:FTNT opened at $84.32 on Friday. 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 $64.61 billion, a price-to-earnings ratio of 33.59, a price-to-earnings-growth ratio of 3.14 and a beta of 1.12. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The business's 50 day moving average price is $85.36 and its 200-day moving average price is $95.46.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its 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 return on equity of 111.46% and a net margin of 30.60%.The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the firm posted $0.57 EPS. The business's revenue was up 13.6% on a year-over-year basis. On average, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

FTNT has been the topic of several recent analyst reports. Mizuho cut their price objective on shares of Fortinet from $87.00 to $75.00 and set an "underperform" rating on the stock in a report on Thursday, August 7th. Rosenblatt Securities restated 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. Stifel Nicolaus cut their price objective on shares of Fortinet from $95.00 to $85.00 and set a "hold" rating on the stock in a report on Thursday, August 7th. Royal Bank Of Canada dropped their target price on Fortinet from $110.00 to $95.00 and set a "sector perform" rating on the stock in a research report on Thursday, August 7th. Finally, Wall Street Zen lowered Fortinet from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Fortinet currently has an average rating of "Hold" and a consensus target price of $97.03.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares of the company's stock, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Michael Xie sold 476,596 shares of Fortinet 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 completion of the transaction, the vice president directly owned 9,730,560 shares of the company's stock, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.20% of the stock is owned by 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.

Want to see what other hedge funds are holding FTNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortinet, Inc. (NASDAQ:FTNT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.