Freedom Day Solutions LLC Sells 785 Shares of Fortinet, Inc. $FTNT

Freedom Day Solutions LLC trimmed its stake in Fortinet, Inc. (NASDAQ:FTNT) by 2.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 26,875 shares of the software maker’s stock after selling 785 shares during the period. Freedom Day Solutions LLC’s holdings in Fortinet were worth $2,841,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in FTNT. Brighton Jones LLC increased its position in Fortinet by 2.2% in the 4th quarter. Brighton Jones LLC now owns 10,327 shares of the software maker’s stock worth $976,000 after buying an additional 221 shares during the period. Bison Wealth LLC bought a new position in Fortinet in the 4th quarter worth approximately $585,000. Farther Finance Advisors LLC increased its position in Fortinet by 7.4% in the 1st quarter. Farther Finance Advisors LLC now owns 18,261 shares of the software maker’s stock worth $1,765,000 after buying an additional 1,257 shares during the period. GAMMA Investing LLC increased its position in Fortinet by 18.9% in the 1st quarter. GAMMA Investing LLC now owns 20,025 shares of the software maker’s stock worth $1,928,000 after buying an additional 3,189 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Fortinet by 4.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 17,739 shares of the software maker’s stock worth $1,708,000 after buying an additional 677 shares during the period. 83.71% of the stock is owned by institutional investors.

Fortinet Price Performance

Shares of FTNT stock opened at $86.19 on Friday. The stock’s fifty day simple moving average is $82.01 and its 200 day simple moving average is $94.73. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.24. The firm has a market cap of $66.04 billion, a price-to-earnings ratio of 34.34, a P/E/G ratio of 3.26 and a beta of 1.09. Fortinet, Inc. has a one year low of $70.12 and a one year high of $114.82.

Fortinet (NASDAQ:FTNT) last announced its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.64 EPS for the quarter, beating the consensus estimate of $0.59 by $0.05. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortinet had a return on equity of 111.46% and a net margin of 30.60%.Fortinet’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.57 EPS. On average, analysts expect that Fortinet, Inc. will post 2.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FTNT has been the topic of several recent analyst reports. Scotiabank dropped their price target on Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a research report on Thursday, August 7th. Erste Group Bank downgraded Fortinet from a “buy” rating to a “hold” rating in a research report on Thursday, August 14th. Truist Financial lowered their price objective on Fortinet from $125.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, August 7th. Wedbush lowered their price objective on Fortinet from $120.00 to $100.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. Finally, UBS Group lowered their price objective on Fortinet from $105.00 to $90.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-six have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $97.03.

Insider Buying and Selling at Fortinet

In related news, VP Michael Xie sold 476,596 shares of the business’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $98.48, for a total value of $46,935,174.08. Following the sale, the vice president owned 9,730,560 shares of the company’s stock, valued at $958,265,548.80. The trade was a 4.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ken Xie sold 158,486 shares of the business’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $98.48, for a total value of $15,607,701.28. Following the completion of the sale, the chief executive officer directly owned 51,391,879 shares in the company, valued at approximately $5,061,072,243.92. This represents a 0.31% decrease in their position. The disclosure for this sale can be found here. 17.20% of the stock is owned by insiders.

Fortinet Company Profile

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.