Coastal Investment Advisors Inc. reduced its holdings in Fortinet, Inc. (NASDAQ:FTNT – Free Report) by 25.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,203 shares of the software maker’s stock after selling 1,117 shares during the period. Coastal Investment Advisors Inc.’s holdings in Fortinet were worth $242,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Covestor Ltd raised its holdings in Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock worth $56,000 after purchasing an additional 57 shares during the period. St. Johns Investment Management Company LLC acquired a new stake in shares of Fortinet during the second quarter worth $30,000. Altshuler Shaham Ltd acquired a new stake in shares of Fortinet during the second quarter worth $31,000. Zions Bancorporation N.A. raised its holdings in shares of Fortinet by 20.4% during the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock worth $147,000 after acquiring an additional 73 shares during the period. Finally, Grove Bank & Trust raised its holdings in shares of Fortinet by 40.5% during the second quarter. Grove Bank & Trust now owns 461 shares of the software maker’s stock worth $35,000 after acquiring an additional 133 shares during the period. 65.00% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. restated a “neutral” rating and set a $52.00 price objective (down from $67.00) on shares of Fortinet in a report on Friday, November 3rd. Evercore ISI restated an “in-line” rating and set a $51.00 price objective (down from $78.00) on shares of Fortinet in a report on Friday, November 3rd. Jefferies Financial Group lowered shares of Fortinet from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $85.00 to $65.00 in a report on Thursday, October 19th. Oppenheimer restated a “market perform” rating on shares of Fortinet in a report on Friday, November 3rd. Finally, Wells Fargo & Company dropped their price objective on shares of Fortinet from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Friday, August 4th. Nineteen research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, Fortinet currently has an average rating of “Hold” and an average target price of $65.77.
Fortinet Stock Performance
Shares of FTNT stock opened at $51.32 on Wednesday. The company has a market capitalization of $39.41 billion, a price-to-earnings ratio of 35.39, a PEG ratio of 2.27 and a beta of 1.14. The company has a debt-to-equity ratio of 13.38, a quick ratio of 1.17 and a current ratio of 1.30. The company has a 50-day simple moving average of $57.64 and a 200 day simple moving average of $64.75. Fortinet, Inc. has a 52 week low of $44.12 and a 52 week high of $81.24.
Fortinet (NASDAQ:FTNT – Get Free Report) last issued its quarterly earnings data on Thursday, November 2nd. The software maker reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.05. Fortinet had a net margin of 22.25% and a return on equity of 3,361.82%. The business had revenue of $1.33 billion during the quarter, compared to analysts’ expectations of $1.35 billion. During the same quarter in the previous year, the company earned $0.28 EPS. The business’s revenue was up 15.7% on a year-over-year basis. On average, sell-side analysts predict that Fortinet, Inc. will post 1.28 earnings per share for the current year.
Insiders Place Their Bets
In other Fortinet news, Director William H. Neukom acquired 552 shares of the company’s stock in a transaction on Friday, September 8th. The stock was acquired at an average price of $63.28 per share, for a total transaction of $34,930.56. Following the purchase, the director now directly owns 291,551 shares of the company’s stock, valued at $18,449,347.28. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Keith Jensen sold 5,100 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $57.20, for a total value 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 filing with the Securities & Exchange Commission, which is available through this link. Also, Director William H. Neukom bought 552 shares of the company’s stock in a transaction dated Friday, September 8th. The stock was purchased at an average price of $63.28 per share, with a total value of $34,930.56. Following the completion of the transaction, the director now directly owns 291,551 shares in the company, valued at approximately $18,449,347.28. The disclosure for this purchase can be found here. Insiders sold 61,333 shares of company stock worth $3,505,054 in the last quarter. 17.54% of the stock is currently owned by corporate 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.
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