Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Halpern Financial Inc.

Halpern Financial Inc. decreased its stake in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 21.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,450 shares of the software maker’s stock after selling 400 shares during the quarter. Halpern Financial Inc.’s holdings in Fortinet were worth $103,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV raised its holdings in Fortinet by 22.4% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 984 shares of the software maker’s stock valued at $67,000 after buying an additional 180 shares during the period. Buckhead Capital Management LLC lifted its holdings in shares of Fortinet by 0.6% in the 4th quarter. Buckhead Capital Management LLC now owns 30,134 shares of the software maker’s stock worth $1,764,000 after acquiring an additional 187 shares during the last quarter. STF Management LP boosted its position in shares of Fortinet by 1.5% during the 4th quarter. STF Management LP now owns 12,917 shares of the software maker’s stock worth $756,000 after purchasing an additional 187 shares during the period. Johnson Investment Counsel Inc. increased its holdings in Fortinet by 1.0% in the 4th quarter. Johnson Investment Counsel Inc. now owns 20,696 shares of the software maker’s stock valued at $1,211,000 after purchasing an additional 200 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its position in Fortinet by 2.1% in the fourth quarter. Quadrant Capital Group LLC now owns 9,804 shares of the software maker’s stock valued at $574,000 after purchasing an additional 202 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Transactions at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,992 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $64.75, for a total transaction of $1,553,482.00. Following the transaction, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Ken Xie sold 23,992 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $64.75, for a total value of $1,553,482.00. Following the completion of the sale, the chief executive officer now directly owns 48,660,648 shares in the company, valued at approximately $3,150,776,958. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William H. Neukom purchased 586 shares of Fortinet stock in a transaction dated Thursday, June 6th. The stock was acquired at an average price of $59.55 per share, for a total transaction of $34,896.30. Following the completion of the transaction, the director now owns 295,778 shares in the company, valued at approximately $17,613,579.90. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 91,638 shares of company stock valued at $5,705,568. 18.00% of the stock is currently owned by insiders.

Fortinet Trading Down 1.5 %

NASDAQ FTNT traded down $0.91 during mid-day trading on Thursday, reaching $58.24. 5,016,558 shares of the stock were exchanged, compared to its average volume of 5,785,297. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The stock has a market capitalization of $44.49 billion, a PE ratio of 38.66, a PEG ratio of 2.90 and a beta of 0.98. The business’s fifty day simple moving average is $61.46 and its 200 day simple moving average is $63.42. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.08 and a current ratio of 1.20.

Fortinet (NASDAQ:FTNTGet Free Report) last released its earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.05. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. Fortinet had a negative return on equity of 2,235.48% and a net margin of 22.23%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.29 earnings per share. On average, research analysts anticipate that Fortinet, Inc. will post 1.46 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on FTNT. Barclays reduced their price target on shares of Fortinet from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Friday, May 3rd. Wedbush reiterated an “outperform” rating and set a $78.00 target price on shares of Fortinet in a report on Wednesday, May 22nd. Evercore ISI dropped their price target on shares of Fortinet from $72.00 to $67.00 and set an “in-line” rating for the company in a research note on Friday, May 3rd. JPMorgan Chase & Co. reduced their price objective on Fortinet from $67.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Finally, Susquehanna lowered their target price on Fortinet from $80.00 to $65.00 and set a “neutral” rating for the company in a research note on Monday, May 6th. Two investment analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $69.66.

Read Our Latest Stock Analysis on Fortinet

Fortinet Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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