DT Investment Partners LLC Lowers Stake in Fortinet, Inc. (NASDAQ:FTNT)

DT Investment Partners LLC trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 23.8% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 511 shares of the software maker’s stock after selling 160 shares during the period. DT Investment Partners LLC’s holdings in Fortinet were worth $40,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in FTNT. Winthrop Capital Management LLC acquired a new stake in Fortinet during the 1st quarter worth approximately $25,000. Eastern Bank acquired a new stake in shares of Fortinet during the third quarter worth $25,000. Oakworth Capital Inc. purchased a new position in Fortinet in the 2nd quarter valued at $33,000. Versant Capital Management Inc increased its stake in Fortinet by 61.2% in the 2nd quarter. Versant Capital Management Inc now owns 627 shares of the software maker’s stock valued at $38,000 after buying an additional 238 shares during the period. Finally, City State Bank raised its position in Fortinet by 900.0% during the 3rd quarter. City State Bank now owns 500 shares of the software maker’s stock worth $39,000 after buying an additional 450 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Buying and Selling

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $3,568,434,657.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Fortinet news, VP Michael Xie sold 24,712 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the completion of the transaction, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at $608,626,179.98. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Ken Xie sold 23,693 shares of Fortinet stock in a transaction dated 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 sale, the chief executive officer now directly owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 95,250 shares of company stock valued at $6,790,149. Company insiders own 18.00% of the company’s stock.

Fortinet Price Performance

Shares of NASDAQ:FTNT opened at $80.34 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.32 and a debt-to-equity ratio of 3.45. The company has a market cap of $61.37 billion, a P/E ratio of 52.51, a P/E/G ratio of 2.84 and a beta of 1.00. The business has a fifty day simple moving average of $77.64 and a 200-day simple moving average of $67.06. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $83.77.

Fortinet (NASDAQ:FTNT) last posted its quarterly earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share for the quarter, topping 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 company 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 earnings per share. Fortinet’s revenue was up 10.9% on a year-over-year basis. Equities research analysts forecast that Fortinet, Inc. will post 1.74 EPS for the current year.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several analyst reports. Hsbc Global Res raised shares of Fortinet from a “moderate sell” rating to a “hold” rating in a report on Wednesday, August 7th. StockNews.com upgraded Fortinet from a “hold” rating to a “buy” rating in a research report on Friday. Truist Financial increased their target price on Fortinet from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft lifted their price target on Fortinet from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Fortinet in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, twenty-two have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $73.25.

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.