Parnassus Investments LLC Sells 951,027 Shares of Fortinet, Inc. $FTNT

Key Points

• Parnassus Investments LLC has sold 951,027 shares of Fortinet, Inc., reducing its stake by 70.2%, and now holds approximately 404,370 shares valued at $38.93 million.
• Other hedge funds have increased their holdings in Fortinet, with Vanguard Group raising its stake by 5.2% to 71.66 million shares, while GAMMA Investing LLC significantly increased its stake by 11,349.3%.
• Fortinet's stock has shown a range between a fifty-two week low of $70.12 and a high of $114.82, currently trading at $79.29, and the company reported a quarterly net margin of 30.60% with $1.63 billion in revenue.

Parnassus Investments LLC lessened its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 70.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 404,370 shares of the software maker's stock after selling 951,027 shares during the quarter. Parnassus Investments LLC owned approximately 0.05% of Fortinet worth $38,925,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of FTNT. Vanguard Group Inc. raised its holdings in shares of Fortinet by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock worth $6,898,223,000 after purchasing an additional 3,546,934 shares during the period. GAMMA Investing LLC raised its holdings in shares of Fortinet by 11,349.3% in the 1st quarter. GAMMA Investing LLC now owns 1,927,607 shares of the software maker's stock worth $185,551,000 after purchasing an additional 1,910,771 shares during the period. Nuveen LLC bought a new stake in shares of Fortinet in the 1st quarter worth approximately $153,576,000. AustralianSuper Pty Ltd raised its holdings in shares of Fortinet by 127.6% in the 1st quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker's stock worth $144,038,000 after purchasing an additional 839,028 shares during the period. Finally, Federated Hermes Inc. raised its holdings in Fortinet by 57.2% during the 1st quarter. Federated Hermes Inc. now owns 2,211,113 shares of the software maker's stock valued at $212,842,000 after acquiring an additional 804,373 shares during the period. Institutional investors own 83.71% of the company's stock.

Fortinet Trading Up 1.5%

Fortinet stock opened at $79.29 on Friday. Fortinet, Inc. has a fifty-two week low of $70.12 and a fifty-two week high of $114.82. The firm's fifty day moving average price is $95.11 and its 200-day moving average price is $99.37. The stock has a market cap of $60.76 billion, a P/E ratio of 31.59, a PEG ratio of 2.96 and a beta of 1.07. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33.

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, topping the consensus estimate 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 analyst estimates of $1.63 billion. During the same period in the previous year, the business earned $0.57 earnings per share. The firm's quarterly revenue was up 13.6% compared to the same quarter last year. Equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. TD Cowen reissued a "hold" rating and set a $105.00 target price on shares of Fortinet in a report on Thursday, August 7th. Evercore ISI lowered their target price on shares of Fortinet from $105.00 to $78.00 and set an "in-line" rating on the stock in a report on Friday, August 8th. Cowen cut shares of Fortinet from a "buy" rating to a "hold" rating in a report on Thursday, August 7th. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $85.00 price target (down previously from $125.00) on shares of Fortinet in a report on Thursday, August 7th. Finally, Robert W. Baird upped their price target on shares of Fortinet from $110.00 to $113.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, Fortinet has a consensus rating of "Hold" and an average price target of $97.40.

Insider Buying and Selling at Fortinet

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 transaction of $46,935,174.08. Following the completion of the sale, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William H. Neukom bought 335 shares of the company'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 completion of the acquisition, the director owned 301,471 shares of the company's stock, valued at $31,419,307.62. This trade represents a 0.11% increase in their position. The disclosure for this purchase can be found here. Company insiders own 17.20% of the company's stock.

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.

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