Rehmann Capital Advisory Group Lowers Position in Fortinet, Inc. (NASDAQ:FTNT)

Rehmann Capital Advisory Group lessened its stake in Fortinet, Inc. (NASDAQ:FTNT) by 15.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,896 shares of the software maker’s stock after selling 1,257 shares during the period. Rehmann Capital Advisory Group’s holdings in Fortinet were worth $458,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Covestor Ltd boosted its position in Fortinet by 53.3% in the 1st quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after purchasing an additional 57 shares in the last quarter. SJS Investment Consulting Inc. lifted its position in shares of Fortinet by 1,947.6% during the 1st quarter. SJS Investment Consulting Inc. now owns 430 shares of the software maker’s stock valued at $29,000 after buying an additional 409 shares in the last quarter. Zions Bancorporation N.A. lifted its position in shares of Fortinet by 20.4% during the 1st quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after buying an additional 73 shares in the last quarter. North Star Investment Management Corp. lifted its position in shares of Fortinet by 85.1% during the 1st quarter. North Star Investment Management Corp. now owns 435 shares of the software maker’s stock valued at $29,000 after buying an additional 200 shares in the last quarter. Finally, Nvwm LLC lifted its position in shares of Fortinet by 178.8% during the 1st quarter. Nvwm LLC now owns 474 shares of the software maker’s stock valued at $32,000 after buying an additional 304 shares in the last quarter. Hedge funds and other institutional investors own 65.00% of the company’s stock.

Fortinet Stock Performance

NASDAQ FTNT opened at $61.69 on Wednesday. The stock has a market cap of $48.45 billion, a PE ratio of 46.55, a P/E/G ratio of 2.68 and a beta of 1.16. The company has a current ratio of 1.39, a quick ratio of 1.29 and a debt-to-equity ratio of 3.09. Fortinet, Inc. has a twelve month low of $42.61 and a twelve month high of $81.24. The stock has a fifty day simple moving average of $68.98 and a 200-day simple moving average of $66.72.

Fortinet (NASDAQ:FTNT) last released its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. The business had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Fortinet had a negative return on equity of 698.28% and a net margin of 21.24%. The company’s revenue was up 25.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.18 EPS. Equities analysts anticipate that Fortinet, Inc. will post 1.24 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FTNT. Scotiabank decreased their target price on Fortinet from $90.00 to $71.00 and set a “sector outperform” rating on the stock in a research report on Friday, August 4th. Wedbush decreased their target price on Fortinet from $70.00 to $69.00 and set an “outperform” rating on the stock in a research report on Friday, August 4th. Citigroup decreased their target price on Fortinet from $73.00 to $70.00 and set a “buy” rating on the stock in a research report on Tuesday, August 29th. Cantor Fitzgerald reiterated an “overweight” rating and set a $75.00 target price on shares of Fortinet in a research report on Tuesday, July 18th. Finally, The Goldman Sachs Group increased their target price on Fortinet from $77.00 to $86.00 and gave the company a “buy” rating in a research report on Tuesday, July 25th. Eight investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat.com, Fortinet presently has a consensus rating of “Moderate Buy” and an average price target of $73.23.

Insider Activity at Fortinet

In related news, CFO Keith Jensen sold 5,100 shares of the firm’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $57.20, for a total transaction of $291,720.00. Following the completion of the transaction, the chief financial officer now directly owns 4,578 shares in the company, valued at approximately $261,861.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Keith Jensen sold 5,100 shares of the firm’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $57.20, for a total transaction of $291,720.00. Following the completion of the transaction, the chief financial officer now directly owns 4,578 shares in the company, valued at approximately $261,861.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Patrice Perche sold 7,530 shares of the firm’s stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $78.49, for a total value of $591,029.70. Following the transaction, the executive vice president now owns 25,730 shares of the company’s stock, valued at $2,019,547.70. The disclosure for this sale can be found here. Insiders sold 67,218 shares of company stock worth $4,429,412 in the last three months. 17.54% of the stock is owned by company insiders.

Fortinet Company Profile

Fortinet, Inc provides cybersecurity and networking solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, web filtering, anti-spam, and wide area network acceleration.