Y.D. More Investments Ltd Sells 5,578 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Key Points

• Y.D. More Investments Ltd has reduced its stake in Fortinet, Inc. by 10.3% to 48,839 shares, translating to a value of $5.09 million at the end of the last quarter.
• Fortinet reported a 13.6% increase in quarterly revenue year-over-year, totaling $1.63 billion, with earnings per share of $0.64 exceeding analysts' expectations.
• The stock price of Fortinet opened at $96.58, with a market capitalization of $73.92 billion, and analysts maintain an average rating of "Hold" with a target price of $106.31.

Y.D. More Investments Ltd lowered its stake in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 10.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,839 shares of the software maker's stock after selling 5,578 shares during the quarter. Y.D. More Investments Ltd's holdings in Fortinet were worth $5,090,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Hemington Wealth Management boosted its stake in shares of Fortinet by 16.6% in the first quarter. Hemington Wealth Management now owns 752 shares of the software maker's stock valued at $72,000 after purchasing an additional 107 shares during the period. Citizens Financial Group Inc. RI raised its position in shares of Fortinet by 0.9% during the 1st quarter. Citizens Financial Group Inc. RI now owns 12,334 shares of the software maker's stock valued at $1,187,000 after acquiring an additional 107 shares in the last quarter. Eagle Capital Management LLC lifted its stake in Fortinet by 0.4% during the first quarter. Eagle Capital Management LLC now owns 26,285 shares of the software maker's stock worth $2,530,000 after purchasing an additional 109 shares during the last quarter. ORG Partners LLC lifted its position in shares of 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 buying an additional 112 shares during the last quarter. Finally, Bogart Wealth LLC raised its stake in Fortinet by 37.3% during the first quarter. Bogart Wealth LLC now owns 412 shares of the software maker's stock worth $40,000 after acquiring an additional 112 shares during the period. Hedge funds and other institutional investors own 83.71% of the company's stock.

Insider Transactions at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of the stock in a transaction 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 sale, the vice president directly owned 9,730,560 shares of the company's stock, valued at $958,265,548.80. This represents a 4.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom bought 335 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were purchased at an average cost of $104.22 per share, for a total transaction of $34,913.70. Following the completion of the transaction, the director owned 301,471 shares of the company's stock, valued at $31,419,307.62. This represents a 0.11% increase in their ownership of the stock. The disclosure for this purchase can be found here. 17.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Barclays dropped their target price on Fortinet from $110.00 to $90.00 and set an "equal weight" rating on the stock in a research report on Thursday. Wolfe Research initiated coverage on Fortinet in a report on Monday, May 12th. They issued a "peer perform" rating for the company. Truist Financial decreased their target price on Fortinet from $125.00 to $95.00 and set a "buy" rating for the company in a research note on Thursday. Mizuho decreased their target price on Fortinet from $87.00 to $75.00 and set an "underperform" rating for the company in a research note on Thursday. Finally, BMO Capital Markets decreased their target price on Fortinet from $110.00 to $90.00 and set a "market perform" rating for the company in a research note on Thursday. Two research analysts have rated the stock with a sell rating, twenty-five have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $97.93.

Fortinet Stock Down 1.2%

Fortinet stock traded down $0.91 during mid-day trading on Friday, hitting $74.39. The company's stock had a trading volume of 17,001,530 shares, compared to its average volume of 6,194,551. Fortinet, Inc. has a 52-week low of $67.97 and a 52-week high of $114.82. The firm's 50 day moving average is $101.76 and its 200 day moving average is $101.60. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.29. The company has a market cap of $56.94 billion, a PE ratio of 29.64, a price-to-earnings-growth ratio of 2.59 and a beta of 1.07.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business's quarterly revenue was up 13.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.57 earnings per share. On average, analysts anticipate that Fortinet, Inc. will post 2.09 earnings per share for the current year.

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.