Blue Trust Inc. Sells 823 Shares of Fortinet, Inc. $FTNT

Blue Trust Inc. cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 10.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,247 shares of the software maker’s stock after selling 823 shares during the period. Blue Trust Inc.’s holdings in Fortinet were worth $766,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of FTNT. Vanguard Group Inc. raised its stake in shares of Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock worth $6,898,223,000 after acquiring an additional 3,546,934 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Fortinet by 40.9% in the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock worth $561,156,000 after acquiring an additional 1,733,670 shares during the last quarter. Nuveen LLC bought a new stake in shares of Fortinet during the first quarter worth approximately $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Fortinet by 17.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,016,467 shares of the software maker’s stock worth $675,405,000 after buying an additional 1,026,277 shares during the last quarter. Finally, AustralianSuper Pty Ltd raised its stake in shares of Fortinet by 127.6% during the first quarter. AustralianSuper Pty Ltd now owns 1,496,339 shares of the software maker’s stock worth $144,038,000 after buying an additional 839,028 shares during the last quarter. 83.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FTNT has been the subject of a number of recent research reports. Wedbush dropped their price target on shares of Fortinet from $120.00 to $100.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. Evercore ISI dropped their price target on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating for the company in a research note on Friday, August 8th. Royal Bank Of Canada dropped their price target on shares of Fortinet from $110.00 to $95.00 and set a “sector perform” rating for the company in a research note on Thursday, August 7th. Wells Fargo & Company dropped their price target on shares of Fortinet from $110.00 to $85.00 and set an “equal weight” rating for the company in a research note on Thursday, August 7th. Finally, DZ Bank raised shares of Fortinet from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, twenty-six have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $97.03.

Insider Activity at Fortinet

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

Fortinet Stock Down 3.6%

Shares of NASDAQ FTNT opened at $83.06 on Friday. The stock has a market cap of $63.64 billion, a P/E ratio of 33.09, a P/E/G ratio of 3.13 and a beta of 1.09. The firm has a 50 day moving average price of $81.72 and a 200 day moving average price of $94.55. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.24 and a current ratio of 1.33. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82.

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