Jump Financial LLC Lowers Stake in Fortinet, Inc. (NASDAQ:FTNT)

Jump Financial LLC reduced its stake in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) by 79.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,415 shares of the software maker’s stock after selling 37,194 shares during the quarter. Jump Financial LLC’s holdings in Fortinet were worth $552,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Covestor Ltd increased its stake in Fortinet by 53.3% in the first quarter. Covestor Ltd now owns 164 shares of the software maker’s stock valued at $56,000 after purchasing an additional 57 shares during the period. GeoWealth Management LLC acquired a new position in Fortinet in the second quarter valued at $30,000. Zions Bancorporation N.A. increased its stake in Fortinet by 20.4% in the first quarter. Zions Bancorporation N.A. now owns 430 shares of the software maker’s stock valued at $147,000 after purchasing an additional 73 shares during the period. Quarry LP increased its stake in Fortinet by 686.6% in the second quarter. Quarry LP now owns 527 shares of the software maker’s stock valued at $40,000 after purchasing an additional 460 shares during the period. Finally, ST Germain D J Co. Inc. acquired a new position in Fortinet in the second quarter valued at $40,000. 65.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director William H. Neukom acquired 664 shares of the firm’s stock in a transaction on Wednesday, December 6th. The stock was bought at an average cost of $52.62 per share, with a total value of $34,939.68. Following the acquisition, the director now directly owns 293,041 shares in the company, valued at $15,419,817.42. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CFO Keith Jensen sold 5,100 shares of Fortinet stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $51.00, for a total value of $260,100.00. Following the completion of the transaction, the chief financial officer now directly owns 4,586 shares of the company’s stock, valued at approximately $233,886. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William H. Neukom purchased 664 shares of the firm’s stock in a transaction dated Wednesday, December 6th. The stock was acquired at an average cost of $52.62 per share, with a total value of $34,939.68. Following the completion of the acquisition, the director now directly owns 293,041 shares in the company, valued at approximately $15,419,817.42. The disclosure for this purchase can be found here. Insiders have sold 148,332 shares of company stock valued at $8,704,410 in the last quarter. Company insiders own 17.54% of the company’s stock.

Fortinet Stock Performance

NASDAQ:FTNT opened at $70.44 on Friday. The firm has a 50 day simple moving average of $60.53 and a 200-day simple moving average of $59.49. Fortinet, Inc. has a 1-year low of $44.12 and a 1-year high of $81.24. The company has a debt-to-equity ratio of 13.38, a current ratio of 1.19 and a quick ratio of 1.17. The firm has a market cap of $54.09 billion, a PE ratio of 48.58, a P/E/G ratio of 2.88 and a beta of 1.09.

Fortinet (NASDAQ:FTNTGet Free Report) last issued its earnings results on Monday, February 5th. The software maker reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.08. Fortinet had a net margin of 21.64% and a negative return on equity of 7,572.46%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the firm posted $0.38 EPS. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, equities analysts expect that Fortinet, Inc. will post 1.35 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Citigroup lowered shares of Fortinet from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $60.00 to $62.00 in a research note on Tuesday, January 9th. Cantor Fitzgerald reiterated a “neutral” rating and set a $75.00 price target (up from $50.00) on shares of Fortinet in a research note on Wednesday. Needham & Company LLC initiated coverage on shares of Fortinet in a research note on Wednesday, October 25th. They set a “hold” rating on the stock. BMO Capital Markets boosted their price objective on shares of Fortinet from $70.00 to $82.00 and gave the stock a “market perform” rating in a report on Wednesday. Finally, Rosenblatt Securities boosted their price objective on shares of Fortinet from $65.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, twenty-one have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $71.13.

Check Out Our Latest Stock Report on FTNT

Fortinet Profile

(Free Report)

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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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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