Lmcg Investments LLC Sells 3,063 Shares of Fortinet, Inc. $FTNT

Lmcg Investments LLC decreased its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 5.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 49,560 shares of the software maker’s stock after selling 3,063 shares during the period. Lmcg Investments LLC’s holdings in Fortinet were worth $5,239,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Cooper Financial Group bought a new position in shares of Fortinet in the 2nd quarter valued at about $2,653,000. Mainstay Capital Management LLC ADV lifted its stake in Fortinet by 105.8% in the second quarter. Mainstay Capital Management LLC ADV now owns 16,816 shares of the software maker’s stock worth $1,778,000 after purchasing an additional 8,643 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in Fortinet by 40.7% in the first quarter. Geneos Wealth Management Inc. now owns 73,186 shares of the software maker’s stock worth $7,045,000 after purchasing an additional 21,177 shares during the last quarter. Ritholtz Wealth Management lifted its stake in Fortinet by 38.4% in the first quarter. Ritholtz Wealth Management now owns 6,794 shares of the software maker’s stock worth $654,000 after purchasing an additional 1,885 shares during the last quarter. Finally, 1834 Investment Advisors Co. lifted its stake in Fortinet by 2.9% in the second quarter. 1834 Investment Advisors Co. now owns 12,332 shares of the software maker’s stock worth $1,304,000 after purchasing an additional 353 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $83.06 on Friday. The firm has a market cap of $63.64 billion, a price-to-earnings ratio of 33.09, a PEG ratio of 3.25 and a beta of 1.09. The company’s 50 day moving average is $81.72 and its 200 day moving average is $94.60. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82.

Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. The company had revenue of $1.63 billion for the quarter, compared to analyst estimates 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 period last year, the company posted $0.57 earnings per share. On average, sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Insider Activity at Fortinet

In other Fortinet news, VP Michael Xie sold 476,596 shares of Fortinet stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $46,935,174.08. Following the transaction, the vice president directly owned 9,730,560 shares of the company’s stock, valued at approximately $958,265,548.80. The trade was a 4.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ken Xie sold 158,486 shares of Fortinet stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total transaction of $15,607,701.28. Following the completion of the transaction, the chief executive officer directly owned 51,391,879 shares in the company, valued at $5,061,072,243.92. This represents a 0.31% 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.

Analysts Set New Price Targets

Several analysts have issued reports on FTNT shares. BMO Capital Markets decreased their price objective on shares of Fortinet from $110.00 to $90.00 and set a “market perform” rating for the company in a research note on Thursday, August 7th. Evercore ISI decreased their price objective on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research note on Friday, August 8th. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday. Wall Street Zen downgraded shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and set a $85.00 price target (down previously from $125.00) on shares of Fortinet in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, twenty-six have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Fortinet currently has a consensus rating of “Hold” and an average price target of $97.03.

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.