Fortinet, Inc. $FTNT Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. cut its stake in Fortinet, Inc. (NASDAQ:FTNT) by 17.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 84,931 shares of the software maker’s stock after selling 18,017 shares during the period. iA Global Asset Management Inc.’s holdings in Fortinet were worth $8,979,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Fortinet by 5.2% in the first quarter. Vanguard Group Inc. now owns 71,662,404 shares of the software maker’s stock valued at $6,898,223,000 after buying an additional 3,546,934 shares during the period. AQR Capital Management LLC raised its holdings in Fortinet by 40.9% in the first quarter. AQR Capital Management LLC now owns 5,971,648 shares of the software maker’s stock valued at $561,156,000 after buying an additional 1,733,670 shares during the period. Nuveen LLC purchased a new position in Fortinet in the first quarter valued at approximately $153,576,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Fortinet by 17.1% in 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 valued at $675,405,000 after buying an additional 1,026,277 shares during the period. Finally, Montrusco Bolton Investments Inc. purchased a new position in Fortinet in the second quarter valued at approximately $108,056,000. 83.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Evercore ISI cut their price target on shares of Fortinet from $105.00 to $78.00 and set an “in-line” rating on the stock in a report on Friday, August 8th. Scotiabank cut their price target on shares of Fortinet from $115.00 to $85.00 and set a “sector outperform” rating on the stock in a report on Thursday, August 7th. JPMorgan Chase & Co. cut their price target on shares of Fortinet from $105.00 to $87.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. KeyCorp lowered shares of Fortinet from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 7th. Finally, TD Cowen restated a “hold” rating and issued a $105.00 price target on shares of Fortinet in a report on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, twenty-five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Fortinet presently has a consensus rating of “Hold” and a consensus price target of $97.03.

Fortinet Stock Up 2.6%

Shares of NASDAQ:FTNT opened at $86.43 on Monday. The company has a quick ratio of 1.24, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. Fortinet, Inc. has a 52-week low of $70.12 and a 52-week high of $114.82. The company has a 50 day moving average of $82.56 and a two-hundred day moving average of $93.47. The company has a market capitalization of $66.23 billion, a price-to-earnings ratio of 34.43, a price-to-earnings-growth ratio of 3.17 and a beta of 1.09.

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

Fortinet 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.