STF Management LP Sells 639 Shares of Fortinet, Inc. (NASDAQ:FTNT)

STF Management LP trimmed its holdings in Fortinet, Inc. (NASDAQ:FTNT) by 5.0% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 12,264 shares of the software maker’s stock after selling 639 shares during the quarter. STF Management LP’s holdings in Fortinet were worth $739,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Winthrop Capital Management LLC bought a new stake in shares of Fortinet in the 1st quarter worth approximately $25,000. Rise Advisors LLC raised its holdings in Fortinet by 135.6% during the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock valued at $26,000 after buying an additional 217 shares during the last quarter. Vima LLC bought a new stake in Fortinet during the 4th quarter valued at $25,000. Oakworth Capital Inc. bought a new stake in Fortinet during the 2nd quarter valued at $33,000. Finally, Creekmur Asset Management LLC bought a new stake in Fortinet during the 4th quarter valued at $32,000. 83.71% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FTNT shares. Wedbush reiterated an “outperform” rating and set a $78.00 price target on shares of Fortinet in a report on Wednesday, August 7th. TD Cowen raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $75.00 price objective on the stock in a research report on Thursday, July 18th. HSBC raised shares of Fortinet from a “reduce” rating to a “hold” rating and set a $59.00 price objective on the stock in a research report on Wednesday, August 7th. Barclays reduced their price objective on shares of Fortinet from $75.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 11th. Finally, Guggenheim downgraded shares of Fortinet from a “buy” rating to a “neutral” rating in a research report on Monday, July 29th. Twenty-three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $71.57.

Insider Buying and Selling at Fortinet

In other Fortinet news, CEO Ken Xie sold 23,693 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Michael Xie sold 24,712 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $56.11, for a total value of $1,386,590.32. Following the transaction, the vice president now owns 10,847,018 shares in the company, valued at approximately $608,626,179.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ken Xie sold 23,693 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $73.06, for a total transaction of $1,731,010.58. Following the completion of the transaction, the chief executive officer now owns 48,842,522 shares in the company, valued at approximately $3,568,434,657.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,672 shares of company stock worth $4,573,864. Company insiders own 18.00% of the company’s stock.

Fortinet Stock Performance

Shares of FTNT stock opened at $76.34 on Tuesday. Fortinet, Inc. has a one year low of $44.12 and a one year high of $78.08. The company’s 50-day moving average is $67.59 and its 200 day moving average is $65.03. The company has a market capitalization of $58.32 billion, a price-to-earnings ratio of 49.90, a price-to-earnings-growth ratio of 2.77 and a beta of 1.00. The company has a debt-to-equity ratio of 3.45, a quick ratio of 1.22 and a current ratio of 1.32.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Tuesday, August 6th. The software maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.16. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.40 billion. Fortinet had a net margin of 23.71% and a negative return on equity of 2,160.10%. The business’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.31 EPS. Sell-side analysts expect that Fortinet, Inc. will post 1.7 EPS for the current fiscal year.

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.