State of Wyoming Sells 5,054 Shares of Fortinet, Inc. $FTNT

Key Points

• The State of Wyoming reduced its holdings in Fortinet, Inc. by 56.9%, selling 5,054 shares and now owning 3,829 shares valued at approximately $369,000.
• Several hedge funds increased their positions in Fortinet during the first quarter, with Caitong International Asset Management growing its stake by over 2,184% to 297 shares worth $29,000.
• Fortinet reported $1.63 billion in quarterly revenue, surpassing analysts' expectations, and has been given mixed ratings by analysts, with a consensus target price of $97.40.

State of Wyoming cut its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 56.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,829 shares of the software maker's stock after selling 5,054 shares during the quarter. State of Wyoming's holdings in Fortinet were worth $369,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FTNT. SJS Investment Consulting Inc. grew its position in Fortinet by 703.1% during the first quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker's stock valued at $25,000 after acquiring an additional 225 shares during the last quarter. Clearstead Trust LLC bought a new position in shares of Fortinet during the 1st quarter valued at $28,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker's stock valued at $29,000 after purchasing an additional 284 shares during the last quarter. ORG Partners LLC raised its position in Fortinet by 47.5% in the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker's stock worth $34,000 after purchasing an additional 112 shares during the period. Finally, EQ Wealth Advisors LLC bought a new stake in Fortinet in the first quarter worth $35,000. Institutional investors own 83.71% of the company's stock.

Fortinet Price Performance

FTNT opened at $78.77 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. The stock has a market capitalization of $60.36 billion, a PE ratio of 31.38, a price-to-earnings-growth ratio of 2.98 and a beta of 1.13. The stock's 50 day moving average price is $94.69 and its 200-day moving average price is $99.03. 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 released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share for the quarter, beating 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 business had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.63 billion. During the same quarter in the previous year, the business posted $0.57 earnings per share. The firm's revenue for the quarter was up 13.6% compared to the same quarter last year. On average, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on FTNT shares. DZ Bank raised Fortinet from a "hold" rating to a "buy" rating and set a $85.00 price objective on the stock in a research note on Friday, August 8th. KeyCorp lowered Fortinet from an "overweight" rating to a "sector weight" rating in a research report on Thursday, August 7th. Stifel Nicolaus lowered their price objective on Fortinet from $95.00 to $85.00 and set a "hold" rating for the company in a research report on Thursday, August 7th. Morgan Stanley lowered Fortinet from an "overweight" rating to a "reduce" rating and dropped their price objective for the company from $110.00 to $78.00 in a research note on Thursday, August 7th. Finally, Truist Financial decreased their target price on shares of Fortinet from $125.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $97.40.

Insider Buying and Selling

In other news, Director William H. Neukom bought 335 shares of Fortinet stock in a transaction on Friday, June 6th. The shares were purchased at an average price of $104.22 per share, for a total transaction of $34,913.70. Following the acquisition, the director owned 301,471 shares of the company's stock, valued at approximately $31,419,307.62. The trade was 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 link. Also, VP Michael Xie sold 476,596 shares of the firm's stock in a transaction that occurred on 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 owned 9,730,560 shares of the company's stock, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.

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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