Fortinet, Inc. (NASDAQ:FTNT) Shares Sold by Woodstock Corp

Woodstock Corp trimmed its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 2.8% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 296,587 shares of the software maker’s stock after selling 8,487 shares during the period. Fortinet accounts for about 2.2% of Woodstock Corp’s investment portfolio, making the stock its 8th biggest holding. Woodstock Corp’s holdings in Fortinet were worth $23,000,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Willis Investment Counsel lifted its stake in shares of Fortinet by 0.9% in the third quarter. Willis Investment Counsel now owns 127,087 shares of the software maker’s stock valued at $9,856,000 after purchasing an additional 1,139 shares during the period. Shaker Investments LLC OH increased its holdings in Fortinet by 72.7% in the third quarter. Shaker Investments LLC OH now owns 34,368 shares of the software maker’s stock valued at $2,665,000 after buying an additional 14,464 shares in the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Fortinet by 373.0% during the 3rd quarter. Exchange Traded Concepts LLC now owns 18,866 shares of the software maker’s stock valued at $1,463,000 after acquiring an additional 14,877 shares during the period. City State Bank boosted its stake in shares of 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 acquiring an additional 450 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of Fortinet by 413.7% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 5,712 shares of the software maker’s stock worth $443,000 after acquiring an additional 4,600 shares during the period. 83.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Piper Sandler raised Fortinet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Wells Fargo & Company boosted their price objective on shares of Fortinet from $62.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. Susquehanna lifted their target price on shares of Fortinet from $65.00 to $70.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Rosenblatt Securities reduced their price target on shares of Fortinet from $85.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Finally, Hsbc Global Res raised shares of Fortinet from a “moderate sell” rating to a “hold” rating in a research note on Wednesday, August 7th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Fortinet has an average rating of “Hold” and a consensus target price of $72.64.

Fortinet Stock Performance

Fortinet stock opened at $82.87 on Monday. The company has a debt-to-equity ratio of 3.45, a current ratio of 1.32 and a quick ratio of 1.22. Fortinet, Inc. has a 12 month low of $44.12 and a 12 month high of $83.04. The company has a market cap of $63.31 billion, a price-to-earnings ratio of 54.16, a price-to-earnings-growth ratio of 2.84 and a beta of 1.00. The stock’s 50-day moving average is $74.98 and its 200-day moving average is $66.16.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings data on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the firm earned $0.31 earnings per share. Fortinet’s revenue for the quarter was up 10.9% on a year-over-year basis. Equities analysts anticipate that Fortinet, Inc. will post 1.74 earnings per share for the current year.

Insider Activity at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at $3,568,434,657.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Ken Xie sold 23,693 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction 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 approximately $3,568,434,657.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 24,712 shares of the firm’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total transaction of $1,386,590.32. Following the sale, the vice president now directly owns 10,847,018 shares of the company’s stock, valued at approximately $608,626,179.98. 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 71,943 shares of company stock worth $4,881,539. Corporate insiders own 18.00% of the company’s stock.

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.