Slow Capital Inc. Sells 6,397 Shares of Fortinet, Inc. $FTNT

Key Points

• Slow Capital Inc. reduced its holdings in Fortinet, Inc. by 8.4%, selling 6,397 shares during the second quarter, leaving it with 69,887 shares valued at approximately $7.4 million.
• Several hedge funds have also made significant changes, with Vanguard Group increasing its stake by 5.2% and now owning over 71 million shares valued at nearly $6.9 billion.
• Analyst ratings are mixed, with reports indicating two "Strong Buy" ratings, eight "Buy", and a significant number of "Hold" ratings, while the average price target for Fortinet is currently set at about $97.03.

Slow Capital Inc. reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 8.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 69,887 shares of the software maker's stock after selling 6,397 shares during the period. Fortinet makes up 0.9% of Slow Capital Inc.'s portfolio, making the stock its 28th largest holding. Slow Capital Inc.'s holdings in Fortinet were worth $7,388,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker's stock worth $6,898,223,000 after acquiring an additional 3,546,934 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Fortinet by 2.2% in the 1st quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker's stock worth $824,999,000 after purchasing an additional 181,835 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Fortinet by 17.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker's stock valued at $675,405,000 after purchasing an additional 1,026,277 shares during the last quarter. Northern Trust Corp increased its position in shares of Fortinet by 0.8% during the 1st quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker's stock valued at $627,573,000 after purchasing an additional 49,238 shares during the last quarter. Finally, AQR Capital Management LLC raised its holdings in Fortinet by 40.9% during the 1st quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker's stock valued at $561,156,000 after buying an additional 1,733,670 shares during the period. 83.71% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fortinet

In other news, VP Michael Xie sold 476,596 shares of the stock in a transaction that occurred on 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 transaction, the vice president directly owned 9,730,560 shares in the company, valued at approximately $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ken Xie sold 158,486 shares of the business's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction 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. This trade represents a 0.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.00% of the company's stock.

Analyst Upgrades and Downgrades

FTNT has been the subject of several analyst reports. DZ Bank upgraded shares of Fortinet from a "hold" rating to a "buy" rating and set a $85.00 target price for the company in a report on Friday, August 8th. Weiss Ratings reissued a "hold (c+)" rating on shares of Fortinet in a research note on Saturday, September 27th. KeyCorp lowered Fortinet from an "overweight" rating to a "sector weight" rating in a research report on Thursday, August 7th. Royal Bank Of Canada cut their target price on Fortinet from $110.00 to $95.00 and set a "sector perform" rating on the stock in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. decreased their price target on Fortinet from $105.00 to $87.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $97.03.

Fortinet Trading Up 0.7%

Shares of NASDAQ FTNT opened at $86.38 on Tuesday. Fortinet, Inc. has a twelve month low of $70.12 and a twelve month high of $114.82. The firm has a market cap of $66.19 billion, a PE ratio of 34.41, a price-to-earnings-growth ratio of 3.24 and a beta of 1.09. The business has a fifty day simple moving average of $82.98 and a two-hundred day simple moving average of $94.95. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. The firm 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 business'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 earnings per share. Analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

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.

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