Raymond James Financial Inc. Trims Stake in Fortinet, Inc. $FTNT

Key Points

• Raymond James Financial Inc. reduced its stake in Fortinet, Inc. by 11.3%, selling 83,173 shares and retaining 651,169 shares valued at approximately $62.68 million.
• Several hedge funds, including Vanguard Group Inc. and GAMMA Investing LLC, also adjusted their positions in Fortinet, contributing to institutional ownership of 83.71% of the company's stock.
• Wall Street analysts have downgraded Fortinet's ratings and price targets, with the average consensus now at $97.40 and a prevailing "Hold" rating among investment analysts.

Raymond James Financial Inc. decreased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 11.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 651,169 shares of the software maker's stock after selling 83,173 shares during the quarter. Raymond James Financial Inc. owned approximately 0.09% of Fortinet worth $62,682,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in FTNT. Hemington Wealth Management boosted its position in Fortinet by 16.6% in the 1st quarter. Hemington Wealth Management now owns 752 shares of the software maker's stock worth $72,000 after purchasing an additional 107 shares in the last quarter. Citizens Financial Group Inc. RI boosted its position in Fortinet by 0.9% in the 1st quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker's stock worth $1,187,000 after purchasing an additional 107 shares in the last quarter. Eagle Capital Management LLC lifted its position in shares of Fortinet by 0.4% during the 1st quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock valued at $2,530,000 after buying an additional 109 shares in the last quarter. ORG Partners LLC lifted its position in shares of 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 buying an additional 112 shares in the last quarter. Finally, Bogart Wealth LLC lifted its position in shares of Fortinet by 37.3% during the 1st quarter. Bogart Wealth LLC now owns 412 shares of the software maker's stock valued at $40,000 after buying an additional 112 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction on 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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 18.00% of the company's stock.

Fortinet Price Performance

FTNT stock traded down $1.9120 during midday trading on Monday, reaching $78.1080. The stock had a trading volume of 2,668,640 shares, compared to its average volume of 5,558,292. The company's fifty day simple moving average is $96.98 and its 200 day simple moving average is $100.09. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. The company has a market cap of $59.85 billion, a price-to-earnings ratio of 31.13, a price-to-earnings-growth ratio of 3.03 and a beta of 1.07. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm's revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.57 EPS. As a group, sell-side analysts predict that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FTNT. Rosenblatt Securities reiterated a "neutral" rating and set a $85.00 target price (down previously from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. JPMorgan Chase & Co. decreased their target price on Fortinet from $105.00 to $87.00 and set a "neutral" rating on the stock in a research report on Thursday, August 7th. DZ Bank upgraded Fortinet from a "hold" rating to a "buy" rating and set a $85.00 target price on the stock in a research report on Friday, August 8th. Citigroup reiterated a "neutral" rating and set a $85.00 target price (down previously from $110.00) on shares of Fortinet in a research report on Monday, August 18th. Finally, Evercore ISI decreased their target price on Fortinet from $105.00 to $78.00 and set an "in-line" rating on the stock in a research report on Friday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $97.40.

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.