Capital Market Strategies LLC Sells 2,500 Shares of Fortinet, Inc. $FTNT

Capital Market Strategies LLC lessened its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT) by 33.4% in the second quarter, according to its most recent filing with the SEC. The firm owned 4,975 shares of the software maker’s stock after selling 2,500 shares during the period. Capital Market Strategies LLC’s holdings in Fortinet were worth $526,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of FTNT. SJS Investment Consulting Inc. grew its holdings in Fortinet by 703.1% during the 1st quarter. SJS Investment Consulting Inc. now owns 257 shares of the software maker’s stock worth $25,000 after acquiring an additional 225 shares during the period. Saudi Central Bank acquired a new stake in Fortinet during the 1st quarter worth $25,000. Clearstead Trust LLC acquired a new stake in Fortinet during the 1st quarter worth $28,000. Caitong International Asset Management Co. Ltd grew its holdings in Fortinet by 2,184.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 297 shares of the software maker’s stock worth $29,000 after acquiring an additional 284 shares during the period. Finally, ORG Partners LLC grew its holdings in Fortinet by 47.5% during the 1st quarter. ORG Partners LLC now owns 348 shares of the software maker’s stock worth $34,000 after acquiring an additional 112 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Insider Activity

In related news, CEO Ken Xie sold 158,486 shares of the firm’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This trade represents a 0.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Michael Xie sold 476,596 shares of the firm’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $98.48, for a total transaction of $46,935,174.08. Following the completion of the sale, the vice president owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. This trade represents a 4.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 17.20% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on FTNT. Stifel Nicolaus decreased their price target on shares of Fortinet from $95.00 to $85.00 and set a “hold” rating for the company in a report on Thursday, August 7th. TD Cowen reissued a “hold” rating and issued a $105.00 price target on shares of Fortinet in a report on Thursday, August 7th. BMO Capital Markets decreased their price target on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a report on Thursday, August 7th. Citigroup reissued a “neutral” rating and issued a $85.00 price target (down previously from $110.00) on shares of Fortinet in a report on Monday, August 18th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating for the company in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $97.03.

Fortinet Trading Down 1.5%

Shares of NASDAQ:FTNT opened at $79.68 on Friday. The company’s 50-day moving average price is $89.66 and its two-hundred day moving average price is $96.93. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82. The stock has a market capitalization of $61.06 billion, a PE ratio of 31.75, a price-to-earnings-growth ratio of 3.05 and a beta of 1.12.

Fortinet (NASDAQ:FTNT) last issued its quarterly 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. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The firm had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the firm posted $0.57 EPS. The company’s revenue for the quarter was up 13.6% on a year-over-year basis. On average, equities analysts forecast that Fortinet, Inc. will post 2.09 EPS for the current fiscal 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.