Fortinet, Inc. $FTNT Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNT) by 17.5% during the second quarter, Holdings Channel.com reports. The firm owned 84,931 shares of the software maker’s stock after selling 18,017 shares during the period. iA Global Asset Management Inc.’s holdings in Fortinet were worth $8,979,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Fortinet by 5.2% during the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after purchasing an additional 3,546,934 shares in the last quarter. Invesco Ltd. raised its stake in shares of Fortinet by 2.2% during the first quarter. Invesco Ltd. now owns 8,570,528 shares of the software maker’s stock valued at $824,999,000 after purchasing an additional 181,835 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Fortinet by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock valued at $675,405,000 after purchasing an additional 1,026,277 shares in the last quarter. Northern Trust Corp raised its stake in shares of Fortinet by 0.8% during the first quarter. Northern Trust Corp now owns 6,519,558 shares of the software maker’s stock valued at $627,573,000 after purchasing an additional 49,238 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Fortinet by 40.9% during the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after purchasing an additional 1,733,670 shares in the last quarter. 83.71% of the stock is currently owned by institutional investors.

Fortinet Trading Up 2.6%

NASDAQ:FTNT opened at $86.43 on Monday. 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 fifty-two week low of $70.12 and a fifty-two week high of $114.82. The stock’s 50-day moving average is $82.56 and its two-hundred day moving average is $93.47. The stock has a market cap of $66.23 billion, a PE ratio of 34.43, a price-to-earnings-growth ratio of 3.17 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.The firm’s quarterly 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. As a group, equities research analysts forecast that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FTNT. KeyCorp cut shares of Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. UBS Group dropped their price target on shares of Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Cowen cut shares of Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 7th. JPMorgan Chase & Co. dropped their price target on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Finally, TD Cowen reiterated a “hold” rating and issued a $105.00 price target on shares of Fortinet in a research 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 issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $97.03.

Fortinet Profile

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.