Fortinet, Inc. $FTNT Stake Trimmed by Burney Co.

Burney Co. lowered its stake in Fortinet, Inc. (NASDAQ:FTNT) by 42.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 218,236 shares of the software maker’s stock after selling 162,948 shares during the quarter. Fortinet makes up 0.8% of Burney Co.’s investment portfolio, making the stock its 27th largest holding. Burney Co.’s holdings in Fortinet were worth $23,072,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dover Advisors LLC boosted its stake in Fortinet by 1.0% in the 2nd quarter. Dover Advisors LLC now owns 9,451 shares of the software maker’s stock worth $999,000 after purchasing an additional 94 shares during the period. Balboa Wealth Partners boosted its stake in Fortinet by 4.3% in the 2nd quarter. Balboa Wealth Partners now owns 2,330 shares of the software maker’s stock worth $246,000 after purchasing an additional 96 shares during the period. Hemington Wealth Management boosted its stake in Fortinet by 13.2% in the 2nd quarter. Hemington Wealth Management now owns 851 shares of the software maker’s stock worth $89,000 after purchasing an additional 99 shares during the period. Peloton Wealth Strategists boosted its stake in Fortinet by 2.4% in the 1st quarter. Peloton Wealth Strategists now owns 4,330 shares of the software maker’s stock worth $417,000 after purchasing an additional 100 shares during the period. Finally, Trust Co. of Vermont boosted its stake in Fortinet by 3.6% in the 2nd quarter. Trust Co. of Vermont now owns 2,852 shares of the software maker’s stock worth $302,000 after purchasing an additional 100 shares during the period. Institutional investors and hedge funds own 83.71% of the company’s stock.

Fortinet Stock Up 2.6%

FTNT stock opened at $86.43 on Monday. The company has a current ratio of 1.33, a quick ratio of 1.24 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 1 year low of $70.12 and a 1 year high of $114.82. The company has a fifty day simple moving average of $82.56 and a 200 day simple moving average of $93.47. The firm has a market cap of $66.23 billion, a PE ratio of 34.43, a PEG ratio of 3.17 and a beta of 1.09.

Fortinet (NASDAQ:FTNT) last released 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. Fortinet had a net margin of 30.60% and a return on equity of 111.46%. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business earned $0.57 EPS. Fortinet’s quarterly revenue was up 13.6% compared to the same quarter last year. Sell-side analysts anticipate that Fortinet, Inc. will post 2.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on FTNT shares. Wall Street Zen lowered shares of Fortinet from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. Truist Financial decreased their price objective on shares of Fortinet from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of Fortinet in a research note on Wednesday, October 8th. KeyCorp lowered shares of Fortinet from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 7th. Finally, TD Cowen reissued a “hold” rating and set a $105.00 target price on shares of Fortinet in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus 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.