LGT Fund Management Co Ltd. Sells 61,061 Shares of Fortinet, Inc. $FTNT

LGT Fund Management Co Ltd. cut its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 42.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 82,126 shares of the software maker’s stock after selling 61,061 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Fortinet were worth $8,682,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of FTNT. Dover Advisors LLC increased its position in Fortinet by 1.0% during the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock valued at $999,000 after purchasing an additional 94 shares during the period. Peloton Wealth Strategists increased its position in Fortinet by 2.4% during the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock valued at $417,000 after purchasing an additional 100 shares during the period. Trust Co. of Vermont increased its position in Fortinet by 3.6% during the 2nd quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock valued at $302,000 after purchasing an additional 100 shares during the period. Assenagon Asset Management S.A. increased its position in Fortinet by 0.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 17,841 shares of the software maker’s stock valued at $1,886,000 after purchasing an additional 102 shares during the period. Finally, Hemington Wealth Management increased its position in Fortinet by 16.6% during the 1st quarter. Hemington Wealth Management now owns 752 shares of the software maker’s stock valued at $72,000 after purchasing an additional 107 shares during the period. 83.71% of the stock is currently owned by institutional investors.

Fortinet Stock Performance

Shares of Fortinet stock opened at $85.79 on Friday. The stock has a market cap of $65.74 billion, a price-to-earnings ratio of 34.18, a PEG ratio of 3.26 and a beta of 1.09. The firm’s 50-day moving average is $83.35 and its 200 day moving average is $95.08. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. 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 (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. Fortinet’s revenue was up 13.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.57 EPS. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on FTNT shares. Morgan Stanley reissued an “underweight” rating and set a $67.00 price objective (down from $78.00) on shares of Fortinet in a research report on Tuesday, September 2nd. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $85.00 target price (down from $125.00) on shares of Fortinet in a research report on Thursday, August 7th. Wall Street Zen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Saturday, August 9th. Wedbush reduced their target price on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. Finally, Cantor Fitzgerald upped their target price on shares of Fortinet from $100.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Fortinet has an average rating of “Hold” and a consensus price target of $97.03.

Insider Transactions at Fortinet

In related news, CEO Ken Xie sold 158,486 shares of the company’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 transaction, the chief executive officer owned 51,391,879 shares in the company, valued at $5,061,072,243.92. The trade was a 0.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Michael Xie sold 476,596 shares of the company’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 transaction, the vice president owned 9,730,560 shares in the company, valued at $958,265,548.80. This represents a 4.67% decrease in their position. The disclosure for this sale can be found here. Insiders own 17.20% 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.