Coldstream Capital Management Inc. Sells 1,129 Shares of Fortinet, Inc. (NASDAQ:FTNT)

Coldstream Capital Management Inc. cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 9.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,518 shares of the software maker’s stock after selling 1,129 shares during the quarter. Coldstream Capital Management Inc.’s holdings in Fortinet were worth $634,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its position in Fortinet by 664.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,137,089 shares of the software maker’s stock worth $2,400,215,000 after purchasing an additional 30,542,551 shares during the period. Swedbank AB bought a new stake in shares of Fortinet in the first quarter worth $548,013,000. Norges Bank purchased a new stake in Fortinet during the fourth quarter valued at $203,501,000. Van ECK Associates Corp lifted its holdings in Fortinet by 94.9% in the second quarter. Van ECK Associates Corp now owns 5,755,599 shares of the software maker’s stock valued at $346,890,000 after acquiring an additional 2,802,446 shares during the period. Finally, Sarasin & Partners LLP purchased a new position in Fortinet in the first quarter worth about $120,746,000. 83.71% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total value of $1,731,010.58. Following the transaction, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total value of $1,731,010.58. Following the sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael Xie sold 24,712 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. The disclosure for this sale can be found here. Insiders sold a total of 72,672 shares of company stock worth $4,573,864 over the last 90 days. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of Fortinet stock opened at $74.49 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.22 and a debt-to-equity ratio of 3.45. The stock’s fifty day moving average price is $66.99 and its 200-day moving average price is $65.00. The firm has a market cap of $56.91 billion, a P/E ratio of 48.69, a P/E/G ratio of 2.71 and a beta of 0.99. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $78.08.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.16. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter last year, the firm posted $0.31 EPS. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. On average, equities research analysts expect that Fortinet, Inc. will post 1.7 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FTNT. Citigroup increased their price objective on shares of Fortinet from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Morgan Stanley decreased their price target on shares of Fortinet from $73.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. Rosenblatt Securities dropped their price target on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. BMO Capital Markets upped their price objective on Fortinet from $70.00 to $76.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 7th. Finally, Susquehanna lifted their target price on Fortinet from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Twenty-three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $71.31.

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.